The market broke through the downside trend last week and is approaching all-time highs, just one step closer to the bulls taking back control. With the market moving so much heading toward the end of the week, the question is if the market is exhausted here.
Remember that many times when the market breaks all-time highs it grinds higher, blasts through recent all-time highs, and continues to run higher for weeks. If the S&P 500 (ES) breaks the $4,549.5 current all-time high, we’ll see if the market can push higher to the psychological level at $4,600.
On the other hand the market may continue to chop here, so let’s see what happens.
Be patient and smart with these big moves, but let’s see if the bulls can push this market to new all-time highs.
Stay Focused!