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The S&P 500 Broke Out of the Descending Channel: Higher Prices Ahead?
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@scaredycatguide
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The S&P 500 gapped higher today and traded up to end the day. Price opened the day above the descending channel on the daily chart and closed well above.
This breakout should technically lead to higher prices, the question is where are the upside targets.
Next Levels
Looking at the daily chart we see a clear pivot point from mid-September where price failed around 3,415. And if you look a little further to the left at early September you'll see that price area has come into play several times.
That is the upside target I'm keeping an eye on first. If the index get above that then it has a shot at all time highs again.
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