SPX S&P 500 5-Minute Chart Ascending Triangle Gap Fill Battle for the 12-Month MA at 2030

The 5-minute prints a near text book ascending triangle pattern. The base line is 2030, bottom print at 2023 so the vertical side is about 7 points. If the 2030 is pierced to the upside price will likely seek 2037-ish. Price did break out at 2030 at 2:30 PM and ends the day at 2036. That is close enough for government work for the triangle pattern although the 2037 will perfectly complete the pattern as well as completely fill the gap left behind after the opening bell.

Stocks drop like a stone to begin the day but the first few minutes were the lows of the day. The dip-buyers rush in fully convinced that the Fed, ECB and BOJ will keep providing easy money booze. Note the fight all morning long for the critical 12-month MA at 2030 and the bulls win out. The SPX is above the 12-month MA signaling a cyclical (weeks and months) bull market ahead. Bears need to push SPX back under 2030 asap or they got nothing. The successful back kiss of the 12-mth MA, so far, is a feather in the bull's cap. The bears needed price to fail at 2030; instead the bulls recover into the holiday. Monday is another day, The 2030 is critical so there is likely more drama in store next week.

EOQ1 window dressing may help stocks become buoyant into month end next Thursday although if a month is uber strong like March the last couple days or so tend to finish weak. Will the Easter bunny lay an egg for Monday morning or will stocks hop higher? This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.