From Larry McMillan: Late last week, the S&P 500 (SPX) broke out above a minor downtrend line, accompanied by buy signals from several indicators.
It appeared that a move to new all-time highs was imminent. However, those plans have stalled. $SPX did challenge the previous highs at 2480 but was unable to break through. This week it has struggled. So, at this time, the $SPX chart needs to break out over 2480 to be classified as strongly bullish. Otherwise it’s in a trading range, from roughly 2400 to 2480.