The S&P 500 ($SPX) has remained bullish the last two months and continues to offer great long entries for short term swing traders. Today is another one of those days to get long the market.
60-Minute Trend Line
The current trend has been extremely bullish and highly orderly. Every test at the lower trend line has been a signal to buy the market, which was the case again yesterday.
With every new bounce comes a new high for the trend. In essence, price could rally above 1,200 within the next two to three days.
Developing Point of Control
The daily chart shows every test to the developing point of control (DPOC) – the blue line – has been a solid buying opportunity within the current trend.
The $SPX formed a bullish wick reversal candlestick after testing the DPOC and rallied into the close of the session, setting up a great long opportunity for today’s market.
A break above yesterday’s high price of 1,184 could spark a two to three day move above 1,200.
Also, as long as price remains above 1,150 to 1,160, we should continue to see medium term strength ahead.
Let’s see how this plays out!
Cheers!
Frank Ochoa
PivotBoss.com
Follow Frank on Twitter: http://twitter.com/PivotBoss
