Planning The Next Swing In The S&P 500 Index [SPDR S&P 500 ETF Trust]

technical chart lookCorey Rosenbloom: Let’s start our week with a simple “Color Structure” Chart of the S&P 500 (INDEXSP:.INX) and use it to plan a price pathway for the week.

We’ll start with the current intraday structure chart to set the stage:

The color structure chart shows a sideways rectangle (early May) which is a consolidation pattern and then the recent breakout above the 1,900 level that fueled the breakout and uptrending channel that took place through June (and now into July).

The main idea is that price tends to trade within trendline boundaries and we see a rising parallel trendline channel building the ’structure’ for the current market.

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