The cash S&P500 formed an uptrending day on higher volume Monday. The rally from the July 15 low continues and there is not much new to add.As today’s chart shows, yesterday’s high was at the Dynamic Gann Line (light blue line) and we closed right at the weekly moving average (not shown). A short, shallow pullback may have begun from yesterday's high. The next area where we could see some resistance once the uptrend resumes is from 1318-1322. A stronger band of resistance can be found from 1343-1351.
The Wilder Directional Movement System is now long from 1297.85 while the Parabolic SAR is at 1262.11. A price drop below that level (which would include the current support line in bright green at 1263.15) today is not expected but would put my under-development trading system in a short position.
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