Takes out high price from yesterday at 3514.77, but just below that level currently
The S&P index moved to a high today of 3515.91. That took out the high intraday high price yesterday at 3514.77. However the price currently trades below both those levels at 3512.67.
Looking at the daily chart, there is a topside trend line 3525.57. If the price is able to extend above the high from yesterday and-today, that topside trend line would be the next target. The price has traded up to that line over the last 2 days, and each time found sellers.
Traders know that the US stocks are due for some sort of consolidation/correction. However, the sellers are exactly winning with nearly every day trading at a new intraday all-time high (there have been 8 consecutive days where the price traded at all time intraday highs). Nevertheless stay below the trend line, may give sellers/hedgers something to lean against.
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