Mapping The Bullish Breakout In The S&P 500 (SPY)

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November 30, 2017 6:31am NYSE:SPY

Image of statue of a bull

From Corey Rosenbloom: In the heat of battle, it’s often helpful to raise your perspective to higher ground.

That’s what we’re doing here with the clear price patterns and breakout (bullish) phases in this strong, ongoing bull market in stocks.

Look Closely at the Bullish Breakouts and Resistance Levels:

From the beginning of 2017, the stock market carved a series of higher highs and higher lows, building the structure of a larger uptrend in motion.

I’m highlighting the resistance levels – mainly at 2,400, 2,500, and 2,600 Round Number Levels, and what happened NEXT when price broke ABOVE these levels.

In fact, these green highlights represent the forward progress in 2017.

If you’re surprised by this move, don’t be.  Look at the chart — this pattern keeps repeating.

The purpose of this chart is to highlight prior events similar to what we’re seeing now so we can have a roadmap to the future.

The SPDR S&P 500 ETF Trust (SPY) rose $0.76 (+0.29%) in premarket trading Thursday. Year-to-date, SPY has gained 18.61%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 137 ETFs in the Large Cap Blend ETFs category.

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