Also, the S&P broke out above a strong ceiling of resistance at 1474, and is now trading above the psychologically key level of 1500.
All told, the patterns feel bullish to Redler.
It's worth noting that Redler concedes the first time the S&P challenges the 1540 to 1565, the level where it peaked in the past, there could be resistance. However, long-term he thinks the level will be challenged again until it's pierced.
And if we get a close above the so-called double top, then Redler thinks the S&P's next stop will be 1700, and perhaps beyond.
Cramer finds the analysis intriguing and potentially prescient.
"I like this market, and Redler's chart work gives us one more reason to believe this move is far from over, with the S&P 500 potentially headed to new all-time highs and beyond," he said.
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