What a breakout on Monday morning, S&P500 jumped nearly 4.5%, pumped by the news of Biden's win and the vaccine. It was clear that the market overreacted, price quickly retraced all of Monday's gain. Nevertheless, the index is still holding above the trendline, above 3500. We even saw a strong test twice at support, in which the price held very well.
Now the S&P500 is up almost 2% from the re-test at 3515. If price pullbacks again for another re-test, look to buy if support holds. As long as the price holds above the trendline, the S&P500 is looking bullish overall.
Now the S&P500 is up almost 2% from the re-test at 3515. If price pullbacks again for another re-test, look to buy if support holds. As long as the price holds above the trendline, the S&P500 is looking bullish overall.
