Market on Extended Run
Daily S&P 500
TradeLikeAPro's Market Mode shifted from BUY CAUTION to "BUY" on 22 October. Since then, the index has advanced 4% and set multiple, new all-time highs.
The S&P has now advanced for 6 consecutive weeks, clearly breaking out of the 2019 rangy pattern. The move is supported by RSI-20, crossing above the 75 level (very strong) and holding there for the last 10 days.
The index is showing signs of an extended run, although it is entering overbought momentum territory. As long as the market does not decline with heavy volume, the market is likely to continue higher over the next several weeks.