Extra - For rest of the week

SPX fresh ATH

Hi everyone!

This past week I warned that you would likely have to chase long as long as 5198 held to continue higher into 5264 and fresh new ATH.

Today with CPI we officially gapped into new ATH with a fresh breakaway gap. We warned that over 5179 on $SPX the bottom would be in, and the bullish trend resumed.

Now we have a classic breakaway gap and bulls will want to hold above that gap at 5250 to keep the uptrend going. This is a good spot to pause and build for continuation higher into 5335 SPX.

For the rest of the week, would watch for any FBD setups (2b bottom) to get long again for a move higher into 5335.

THERE IS NO BEAR CASE AT ALL UNLESS WE ARE BELOW 5240 - and even that is only for a retest of the trend line. The only actual bear case from a larger perspective is losing that 5160 again which would turn this into a massive FBO. But for now, don’t try to time the top as it is the same as standing in front of a train.

15min chart:

4hr chart:

Daily chart:

Weekly view:

Best regards,
Jovan