S&P 500 – 3 Bullish Breakouts This Week

 

SPX- 3 bullish breakouts above downward trendline of large triangle, above 50dma line and above double bottom 9.16.13

The S&P 500 is getting stronger, not weaker and this chart illustrates why:

It was very healthy to see the S&P 500 break and close above:

1. The downward trendline of its large triangle pattern (shown)

2. Its 50 DMA line (which is now support)

3. The middle of its double bottom pattern.

The Fed remains a wild card but the bulls remain in control of this market as long as support (recent lows near 1627) of the triangle remains intact.

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