The Chase Is Back On

This chart says it all, and it’s the most important that I’m watching into the close of the week.

We’ve spent nearly 15 weeks moving slightly lower in this flag-like consolidation pattern in the S&P500 $SPY, shown here on a weekly time-frame.

As of today, we’re threatening to break out from this pattern and make our way back to all time highs.

This is coming after a highly emotional event, seasonally bullish time period in the market, and not so overly optimistic sentiment towards equities.

We still have 2 days until the weekly close, but so far the chase is back on.

I’ll have more details and analysis out after the market close in our usual mid-week market recap video, so be sure to check back here or subscribe to our youtube channel.

UPDATE: Here’s the link to our in depth market recap video.