We have seen some good progress being made in the S&P 500 recently but price has struggled
to find its footing over the past few months.
This is a change from the period from December 16th 2018 to May 1st 2019.
During this 5 month period, we saw how price rallied 25%, climbing from a low of $2,346
to a high of $2,954. This $608 rise soon saw a decline of $226 with the pullback finding
support around the 200 simple moving average in June 2019.
By the beginning of July 2019, price had created new all-time highs and even broke through
the all-important $3,000 round number psychological resistance during the 10% rally.
Since then we have seen price remain in consolidation and continues to do so.
This consolidation has lasted for almost 3 months which is a fairly lengthy amount of time.
It is difficult to predict how long price will remain in consolidation but we are currently seeing some strength to the upside.
A breakout of the consolidation resistance will confirm a continuation of the previous uptrend
and we should see a strong bull market unfold.
Historically, trends begin around October and if history does repeat itself then we should have
our list of stocks ready to trade as long as our strategy permits us to enter them.
As always, keep it simple, keep it Sublime.
to find its footing over the past few months.
This is a change from the period from December 16th 2018 to May 1st 2019.
During this 5 month period, we saw how price rallied 25%, climbing from a low of $2,346
to a high of $2,954. This $608 rise soon saw a decline of $226 with the pullback finding
support around the 200 simple moving average in June 2019.
By the beginning of July 2019, price had created new all-time highs and even broke through
the all-important $3,000 round number psychological resistance during the 10% rally.
Since then we have seen price remain in consolidation and continues to do so.
This consolidation has lasted for almost 3 months which is a fairly lengthy amount of time.
It is difficult to predict how long price will remain in consolidation but we are currently seeing some strength to the upside.
A breakout of the consolidation resistance will confirm a continuation of the previous uptrend
and we should see a strong bull market unfold.
Historically, trends begin around October and if history does repeat itself then we should have
our list of stocks ready to trade as long as our strategy permits us to enter them.
As always, keep it simple, keep it Sublime.
