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S&P 500 Tech Update: Staying the Course, Eyeing Higher Prices

S&P 500 Tech Update: Staying the Course, Eyeing Higher Prices

Paul Robinson, Strategist

What’s inside:

  • S&P 500 breaks out of short-term triangle
  • Even if market dips following breakout there is good trend-line support from November
  • Below there lies a potential set of confluence between consolidation lows, Feb trend-line

Beginner and Advanced Trading Guides

The short-term triangle we looked at on Tuesday broke to the upside as anticipated given the trend and strength in risk appetite. It could follow through where it left off yesterday, but even if it retraces a bit there is good support in the market not far below.

The trend-line off the November low is running into the recent period of consolidation, as the market corrects in terms of time instead of price action working off short-term overbought conditions. A touch of the trend-line offers traders a point of reference from where to assess risk in terms of stop placement should it fail to hold.

A failure to hold the Nov trend-line wouldn’t mean all is lost on a good bullish set-up, as the trend-line off the Feb 11 lows and consolidation lows on 12/14 at 2248 come into play. At this time, both angles of support arrive around the same price area, making for potentially solid confluence.

Before looking to the ‘lower before higher’ scenario, we will focus on the November trend-line and short-term triangle. On the top-side we still need to break above 2277.5 to gain momentum. As far as a target from there, a move to 2300 will become the focus.

S&P 500: Daily

S&P 500 Tech Update: Staying the Course, Eyeing Higher Prices

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Keep in mind we are in a holiday trading environment until year-end, and as such low liquidity can lead to sporadic price swings at times. With that said, even though markets are tame we must still keep our guard up and demonstrate disciplined risk management.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.