As the market winds down to the final days of May, the S&P 500 is holding up quit well. As you can see on the daily-chart below, the last few occasions (see arrows), the price-action failed to break above the resistance (blue dotted line), but yesterday we are clearing above this resistance.
These resistances have been a demon for the S&P 500; because when it failed to break higher, it failed badly to the downside. But as the investors and traders, anticipate, possibly similar outcome, price-action is currently showing different sentiment than last few occasions as we are clearing above the resistance.
Currently the SPDR S&P 500 (NYSE:SPY) is trading at $209.41, if we can able to stay above $210-$211 by next week; I think we could then conclude, the S&P is ready to move higher.
For additional video commentary, see original post, link below.