Momentum from a Renko Standpoint - Bullish

Another way I look at the S&P's momentum is via RENKO Charts. They are based purely on price and tend to show long term moving trends very well as the chart shows here. The S&P turned bullish with the move over the 900 level last summer with the bear market downturn occurring from 1300 in the previous year. This chart also shows us that the S&P has basically been range bound for the better part of the past 13 years. I have been reading that many thought the S&P would remain range bound for 10 years from the lows last year but what about the range since 1998! At the moment, this chart argues that price action, while negative at the moment, remains bullish overall. A move below 1050 changes that viewpoint - a move over 1200 and the bulls probably look for 1400 next.

via StockCharts.com
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