Published Thu, 12 Sep 2019 14:26:24 -0400 on Seeking Alpha
Co-produced with Treading Softly and PendragonY
Market Update: The Stock Markets Have Broken To The Upside
The S&P 500 index has been trading in a very tight range between its 50-day moving average to the upside, and its 200-day moving average to the downside, for several weeks now. So the markets, although they were experiencing a high level of volatility, were trading in a very predictable manner.
Late last week, we finally had some good news. The S&P 500 index moved higher by 1.3% and closed above the 2,970 level. Why is this significant? It is because we finally broke out from this tight trading range referred to above, and closed above the 50-day moving average for all the major indexes, including for the Dow and the Nasdaq. The bulls should be quite pleased, as all the major indexes are higher and moving back above all key technical levels in unison. This is a very bullish sign.
On the technical side, we have a new trading range as both the support and resistance levels have gone higher. To the downside, the new support for the S&P 500 index is at the 2947, which is the 50-day moving average. To the upside, the 3027 level is the resistance level which represents the all-time-highs. But first the bulls will need to clear the 3000 level for the S&P 500 level in order for this market to continue to soar and reach new highs.
Why are the markets rallying?
There are several reasons the markets are rallying and why I am very bullish about the... Read more
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