The market keeps on climbing in a remarkable way, and the concentration of many targets that lie on the current price areas do not seem to affect the market at all.
The week began with a break out that didn’t manage to sustain itself above the Daily range, but without a thrust down the next bar, there isn’t any real sign of weakness. The market has proven its strength for the rest of the week.
Every reaction has turned into a sign of strength, like the market did on last Friday, closing as a bullish pinbar on sloping 8 EMA, very powerful sign when it’s High is taken out.
This has been the 3rd Monthly bar to penetrate the upper Bollinger band, strong momentum up. The next major target lies at 2400, which is the target for the Monthly election bar of last November closed as a Spring. 2430 is the target for the 2016 first half Semiannual pinbar on sloping 8 EMA, right after.
Taking out the High of last Friday is a bullish signal to reach 2382, very closed to the Monthly target of 2400 mentioned before.
S&P Futures, Daily, Monthly and Semiannual charts (at the courtesy of prorealtime.com)
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