S&P Breaks Highs & Prints Bullish Price Action Signal

Checking the charts earlier this week, I was surprised to see the S&P had broken higher past all time highs.

These all time high breakouts are usually a big deal for indicies like the S&P and Dow Jones.

I said to the traders in the War Room that we need to watch for one of two things.

  • A fake out event, where the market collapses after poking higher – which would be a very bearish signal
  • Signs of strength above the level, where we can see evidence that this is a sustained breakout and likely to see follow-through

I got a Battle Station alert about a bullish signal on the S&P 8 hour chart this morning. Checked it out and here we are.

A nice bullish rejection candle above the breakout level.

This is strong evidence that this breakout is true, and the S&P wants to keep on going with with upward momentum.

It is also nice to see the rejection signal testing the prev all time highs as a new support level, showing that characteristic swinging motion we like to see in trending conditions.

There is good upside potential here, even more if a retracement entry is hit this session.

Best of luck on the charts guys.

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