S&P bulls are unstoppable; market reaches new highMarket closed strongly last week after reaching a new historical high. There was some sluggish consolidation on Thursday-Friday but near end of Friday trading hours, bulls put end to it by setting hourly higher low. Friday closed within Thursday’s range after a failed break-out, which is a very bullish signal.
Currently, we have full alignment on all major timeframe: price is in uptrend on weekly, daily and hourly timeframes. There are absolutely no warning signs that would speak for bears.
Both short- and long-term outlooks are bullish. If you're already in a long position, you're fortunate and can rest easy. If you're considering entering the market, you can either wait for another pullback or enter now with a reasonable stop-loss.
FOMC minutes are coming out on Wednesday, which could cause some unexpected volatility. However, if there are no major surprises, the bullish thesis remains unchanged.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.