A significant breakout of a Cup and Handle pattern in SP500 has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security.  Moreover, the price of SP500 is trading above the major Exponential Moving Averages (EMA's), indicating a sustained uptrend. This alignment with the EMA's adds more confidence to the bullish scenario.  Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation.  The DMI+ is positioned above DMI-, confirming the presence of a positive trend, while the ADX trading above DMI- reflects the underlying strength in the ongoing move.

Cup and Handle Breakout

Dec 16 2023