Published:
The S&P 500 index
SPX broke out to all-time closing and intraday highs this week. This comes as a quick turnaround after some heavy selling just a week ago. A clear two-day close over 6,920 should be all that’s needed to propel the market strongly higher. There’s support at 6,720 and in addition, a gap on the chart from Monday’s strong opening (Dec. 22) would be filled at 6,840 — so we’ll mark that as a tentative support point.
The “modified Bollinger bands” remain well above current levels. The +4σ band would serve as a target of sorts if new all-time highs are sustained. That band is currently at about 7,000 and moving sideways, but it should move higher if SPX rises.
