February 10, 2017
The S&P 500 just made new all time highs this Friday. Last Thursday was consolidation day for the S&P 500 and the price found some strong support at the 200 moving average as shown in the 4 hour chart. That range between the 50 and 200 moving average was getting tighter and caused a breakout to the upside.
There was not much movement during the early parts of the session but price was nicely supported by the 50 moving average. During the US open the price finally broke out of the consolidation range and proceeded to make new all-time highs. Price is currently at overbought levels as shown by the RSI and Stochastic. We are expecting a big pullback soon for the S&P 500.