The S&P 500 Index moved higher Friday to return to a buy signal and mark a new all-time high on its default chart.
Market action on Friday led the S&P 500 Index SPX to break a double top at 4400 on its default chart before reaching a new all-time high at 4410. The market benchmark had seen a decline of -1.59% on Monday, its largest single-day drop since mid-May. However, the index has improved by over 3.5% over the past four trading days during its ascent to current levels. The sharp rally has led the SPX into slightly overbought territory at an intraday weekly overbought/oversold reading of about 77% at the time of this writing. Initial support can be found on the default chart at 4240, with the middle of the ten-week trailing trading band is currently positioned at 4230. Further support is offered at 4170 from June and the 4070-4060 threshold from May.
