The S&P 500 index ($SPX) has failed to make any significant upside progress since breaking out to new all-time highs in mid-July. So is the SPX just stuck? Has it run out of steam?
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The S&P 500 index has spent a month and half in a period of consolidation, true. This consolidation however is amid a much larger uptrend. In the larger context, this consolidation is healthy for the on-going uptrend.
The bias remains bullish with near-term support in the SPX at 2159 and lower support at 2134 and 2115. The bias will remain bullish while above these levels of support.
Only a move below 2100 would shift the big picture bias and advantage away from the bulls.
