Still No Sellers... Higher SPX Prices Directly Ahead?

From a big-picture perspective, the behavior of the cash S&P 500 Index (SPX) after confronting its upper Bollinger-Band Line at 1760 on Tuesday can only be described as very impressive.

Why?

Because the vast majority of the time, when the price structure traverses the width of the Bands-- in this case from the lower Bollinger Band at 1646.47 on Oct 9 to the upper Bollinger Band at 1759.33 on Oct 22-- a gain of 112.86, a directional reversal usually emerges.

This sets into motion a counter-directional move towards a confrontation with the opposite Band Line.

In this case, after a 7% upmove in just 9 trading sessions, into the close proximity of the upper Bollinger-Band Line, the SPX barely has weakened.

Barring a decline that breaks key near-term support at 1740.50, the current set-up increasingly favors upside continuation towards another confrontation with the upper Bollinger-Band Line, now near 1780.

In that tomorrow is Friday, my sense is that in the absence of a break of 1740.50 in the immediately upcoming hours, the SPX will be off to the races into the weekend.