S&P made another new all time high yesterday. Prices continue to trade within the upward sloping trend channel and the pattern of and higher lows continues. Short term support is found at 1740 and short term resistance at 1763. Breaking below the 1740 low could be a sign that the entire upward move from 1646 is over.
The current upward sloping channel will be broken if prices fall below 1740. Making an hourly close below 1740 will signal us the end of this upward move and the start of a correction phase that could initially push prices towards the 38% Fibonacci retracement at the 1715 price level. The correction could go even towards 1690 where the 61,8% Fibonacci retracement is, but all this only if the top is in. If another new all time high is made then we should expect these retracement levels to rise.
Our EMA signals have risen the weekly stops for bullish positions to 1717 and to 1698. Weekly close below those two levels will give us sell signals as it profitable did before. It is also very important to note the importance of the yellow dotted trend line that supports the trend from more than 7 months. This support is now in the area of 1660.
Concluding, trend remains up but risk increases for bulls as this move continues higher without any significant correction. As always, thank you for taking the time to read my new post.