The S&P 500 has rallied strongly since it hit it’s lows back in March but it is now at a critical point because it is caught right in the middle of two trendlines. Therefore if we see a break of the upward trendline then the price could go significantly higher but the opposite is also true if we break through the lower trendline.

This is something that Adam Hewison points out in his latest trading video. In this video you can quite clearly see where the two trendlines meet on the long-term daily chart and you can see how close the current price is to both of these trendlines.

Anyway to find out whether the price is more likely to break upwards or downwards, I suggest you watch this short video, and for what it’s worth I share the same view regarding the future direction of the S&P 500.

 

 

Filed under: Stocks

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