$7,800!? $SPX Moves Into Uncharted Territory 🔥
Tech shares and softer-than-expected inflation data fueled the stock market today.
The $S&P 500(.SPX)$ breached the 7,800 milestone for the first time to set a new all-time high.
Last night, we studied charts for the SPX and $E-mini S&P 500 - main 2609(ESmain)$ , highlighting two key levels that would provide direction to the next move:
7,729 for the SPX: “if that level breaks, a gap fill thesis would be likely”
and:
7,799 for the ES=Futures, “if that one is breached, there could be a continuation for this bull leg”.
Both levels were very close to price action, in addition, today’s CDL for the SPX (7,750) kept its support condition from the opening.
Using levels to validate direction is an essential tool to navigate a ticker when price action is moving in a narrow range as studied yesterday.
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