S&P 500 and Dow Bullish Technical Outlook Forges On

SP 500/Dow Highlights:

  • SP 500 and Dow now both in record territory
  • Market remains bullish as long as higher highs, lows remain
  • Minor dips seen as potential buying opportunities

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SP 500 and Dow now both in record territory

Both the SP 500 and Dow are trading in record territory, leaving them without resistance. This gives the market room to run, but doesn’t necessarily leave traders with good risk/reward at this juncture. Equity markets are known to break to new highs only to dip before trading higher.

With that in mind, those who bought the last dip may want to implement a trailing stop of sorts to let profits run, but fresh longs may be best reserved for the next minor string of weakness or consolidation period.

Shorts have no appeal at this point outside of perhaps intra-day scalps, otherwise the time for being a steadfast seller will be best put off until the market shows real signs of wanting to trade lower. Bottom-line, as long as the trend-line from June acts as support

Article source: https://www.dailyfx.com/forex/technical/home/analysis/spx500/2018/09/21/SP-500-and-Dow-Bullish-Technical-Outlook-Forges-On-PRtech.html