Janet
0
All posts from Janet
Janet in Trading psychology,

Charting a slow-motion November breakout, S&P 500 approaches the 2,600 mark

The major U.S. stock benchmarks have concurrently registered consecutive record closes, punctuating a bullish, if less than spectacular, November start.

In the process, the prevailing slow-motion uptrend continues to grind higher against the backdrop of constructive sector rotation. The charts below add color:

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, -0.02%  hourly chart highlights the past two weeks.

As illustrated, the S&P has extended its uptrend, slightly, rising within view of the 2,600 mark.

Tactically, the 2,578 area remains an inflection point, and is followed by former gap support, circa 2,564.


Meanwhile, the Dow Jones Industrial Average has extended its uptrend, registering four straight intraday all-time highs, and three consecutive record closes.

In its case, the 23,480 area marks an inflection point, and is followed by near-term support, circa 23,340.

via