S&P 500 futures broke out of a narrow three-day consolidation range with a bang yesterday, notching yet another round of fresh all-time highs as Wall Street closes the last full trading week of 2019 with Quadruple Witching Friday. The /ES showed eight green candles in a row on an hourly chart yesterday, as the day’s only major dip was met with an aggressive bid up.
The weekly chart shows a breakout above a Rising Wedge pattern stemming from peaks in April and July, whereas the RSI is making new highs with price and continued its rise with a bullish move into the overbought area. WTI Crude Oil futures also look to be gathering momentum, edging above the stubborn $60 resistance level.
An RSI making new highs coupled with a rising ADX suggests trend strength brewing, but it will be important to watch if the contract can break the 63.38 high from the September drone attacks in Saudi Arabia.
Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
