Charting the S&P 500: No Denying the Bulls This Time
Stocks continue to impress and move higher into the bullish channel.
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Last week was a banner one for the stock market with the S&P 500 smashing through another record high. A 1.58% gain on the week is very strong, especially during a month considered to be bearish.
Going into September the stock market did not have a great setup for moving higher, in fact there were multiple signs of weakness that showed the bulls were getting tired.
But the wall of worry is up high as many participants refuse to believe prices can go higher. That's great for the bull case, of course, as buyers will pile back in if they don't get the dip they are waiting for.
We removed the base level we put in the chart last week as the move over the last four sessions was significant. Volume was better last week, so there is an accumulation week notched. Stochastics remain strong and are really not making it easy to get on board. Remember, the best trends barely give you a chance to buy.
The trend is strong and with indicators supporting the bullish case, nothing seems to be in the way of higher prices.
