Downtrend Getting Taken Out On An Intra-Day Basis
I must admit that I am surprised by the bullishness today. With no news, and no real motivation for the bulls to push the markets higher, I thought that we would see some profit taking ahead of the weekend. But so far this morning that has not been the case.
I've provided the daily chart on the S&P below, and as you can see, the bulls have managed to breakthrough a critical resistance level that represents the downward trend-line from the April-highs. However, they managed to do the same thing yesterday on an intra-day basis too, yet still close below resistance, which in my opinion is a failed attempt. Likewise, I think that there is a good chance, with the light volume, and it being a Friday, which typically exudes a bearish mindset, that we could still close below the trend-line today. Here's the Chart on the S&P.