Charting the S&P 500: Bulls Show Where the Power Lies
Stocks reached new all-time highs after a tumultuous week of action.
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The past week was a super one for the bulls, but by midweek it appeared some trouble was brewing. More talk about tariffs and a potential riff between the U.S. and China in trade had traders and investors concerned about the uptrend coming to an end.
Fortunately we have big earnings releases, potential 'frameworks' for trade deals and are in a seasonally bullish timeframe. Interestingly enough, the Fear & Greed index is still showing "Fear," which curiously tells us the market is climbing a wall of worry. Good times for the bulls while it lasts.
The chart is constructive, with higher highs and higher lows printed this past week. Notice the S&P 500 continues to work its way towards the upper end of the channel, a very strong trend that has been in place for three years. Stochastics look to turn back up and the money flow is still quite bullish.
As we move into the last trading week of October it is a busy one with big tech and the latest fFd meeting/decision. Pay attention to the trend, another higher high/higher low by Friday will be important.
