The S&P keeps rising to new all time highs. The price is currently above an important white resistance line, and it is important for SPY to remain above this trendline to rally higher. Last time SPY rose above this white trendline the price struggle to rally and there was several weeks of sideways price action above the white resistance line before a selloff. This move is looking like a more convincing breakout with the white trendline flipping from resistance into support. However, SPY needs to continue to hold above the white trendline and rally higher for this to be a successful breakout. With a seasonally bullish July and August I think we get some more bullish price action over the next few weeks.

Follow me on social media: https://linktr.ee/realchartchamp