Slope of Hope Blog Posts

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Moment of Truth – Day 3

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Bulls had an excellent day yesterday and bulldozed through the impressively large number of open sell signals to break the May high at 2111.05. Are they all clear to make a run at the all time high on SPX? Almost, but not quite. There are still two very important resistance levels that need to be broken, though both are in easy range and may be broken this morning.

On SPX the key resistance level is the November 2115 high at 2116.48, and a break over that would break the cycle of lower highs and lows from the all time high at 2134.72 over a year ago in May 2115. The HOD at the time of writing is at 2115.73, so that is really very close to a break. SPX daily chart:

160607 SPX Daily Rising Channel