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Stay Bullish, the Consolidation Phase Coming to an End

#bullish #stocks

$SPY $SPX

The S&P 500 has been consolidating around 4200“– Paul Ebeling

S&P 500 has been in its expected consolidation phase following the move to 4200 back in late April. The case has been that this would be a temporary pause to refresh within the core Bull trend. This consolidation could extend through Q-2.

But my work now shows that there are growing signs this C-phase may be coming to an end with the core Bull trend set to resume.

With near-term momentum turning higher, the consolidation phase in the S&P 500 around our 4250 Q-2 objective suggest that the index is getting closer to a resumption of the continuing uptrend. 

A move above the 4238 current high is needed to confirm with the upper end of the extreme at 15% above the 200-day SMA now at 4330, just ahead of 4350, the next objective. Seeing next resistance at 4436.

Key support is at 4168 initially. And a break below 4057 warns of a near-term top.

Have a happy day, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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