The S&P 500 closed up 2.9 percent for the week, its best so far this year. It's now at the highest level since early October, after breaking through key resistance levels near 2815, where it failed several times.
3) Bond yields continue to drop, remaining near the lows of the year. The new-high list this week was littered with interest-rate sensitive stocks that rally when rates remain low. 5) Europe have outperformed the U.S. this month. There are some hopes for a bottom in the recent poor economic data.
The SP500 crashes on the support while the DAX breaks at the same time, that's the explanation. In conclusion, it will disappear, nothing serious, just the formation of a short-term range. The evasion of the indices has been so significant that the decline can only be small.
Broke through key resistance? The S&P closed a tiny bit above 2,820. That had the look of a false breakout more than anything else. Buyback blackout now in full force - training wheels are off for the bulls.
To finish that Head and shoulders is what’s next ⬇️
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Source: CNBC - 🏆 12. / 72 Read more »