📈 All-Time Highs?

This is what I see.

S&P 500 All-Time Highs

Last week we closed at a new weekly high on the S&P 500.

The pattern that we’re seeing on the weekly is an interesting one. You can see that over the past few months we have been following a very specific pattern.

Three bars in one direction followed by a violent move in the other.

This has happened with three bars down followed by a reversal up, as well as three bars up followed by a big move down.

We are now at the point where we have seen three green bars. Does this mean that we are due for a large red bar down? We don’t know yet. But it is something to keep an eye on.

Nasdaq Analysis

We don’t have quite the same story on the Nasdaq.

We are not yet at all-time highs, however we do have an interest pattern forming.

We have been rejecting the same level for the past few months which we know is the CTA sell zone.

You can see that we are now approaching that level again. You really want to see a push over this which would indicate a high probability of a strong move upward.

This is definitely the key level to watch this week.

For more index analysis, watch this video: