Science of Price Action:
When an index breaks out on the upside, then it can run a long distance and surprise on the upside. That's what precisely S&P 500 has done so far.
Breakout on S&P 500 after 12 long years in 2012
If S&P500 rallies tonight: it's near certain that S&P500 will do an upside blow out move in 2012. Some are suggesting target of 1550..???
— Deepak Singh (@smarket) January 6, 2012
Once upon a time - the level of 1550 looked unrealistic but then S&P 500 managed a stunning breakout in 2013.
Just see how much S&P500 has rallied since then -
It's up 50% since the breakout. That does not sound like a lot. It can easily rally another 30%...yes historically that's what has happened with breakouts. S&P500 at 3000 levels in few years time does not sound unrealistic.
— MarketWatch (@MarketWatch) February 15, 2017
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