Approaching ATH. Cautious buying.

21 באוג׳ 2018

Following a new Higher Low at 2,803, the index resumed the uptrend, creating a smaller 1D Channel Up (RSI = 62.251, MACD = 16.360, Highs/Lows = 9.9821, B/BP = 28.5480) that is technically looking to test the All Time Highs. This is where our last target of this bullish run on S&P is, which will complete our estimated buying quarterly cycle. Due to the importance of this spot, we will downgrade our TP to 2,873. If the ATH break then the small Channel Up will seek a Higher High extension at 2,889.25, which if crossed will start the new bullish leg of September to 2,930. In a different case, they will first seek a Higher Low (2,829.25 - 2,838.25) before retesting the ATH again.