S&P 500 Price Action (SPX), page-23

Below is a weekly chart of the S&P 500 cfd.

The S&P 500 had a breakout above the 2116 - 2135 S/R area and trend line resistance at all time highs. Appears likely to move higher from these levels. Shorts are getting smoked. November experienced a major change in momentum since the US election. All bearish weekly momentum formed in the months prior has been washed. SPX is starting to look bullish again.... Ho Hum.

The MACD formed a bearish down-cross several weeks ago however has lacked conviction. Up until election week, bearish momentum was strong with SPX about to tank. Not so sure now. SPX is appearing more bullish. Stochastics formed bearish lower-highs between Sept16 - earlyNov16 where it briefly became overbought before re-entering the Bullish Continuation region. A major downside move appears to have been averted - for now.

Congratulations to those involved.