Market Breakout Needs To Hold

May 19, 2023
Author: Peter Stolcers, Founder of OneOption

The fundamentals are not strong, but the technicals are. Follow price.

PRE-OPEN MARKET COMMENTS FRIDAY – You can hate on the market fundamentals all you want, but the technicals are strong. The S&P 500 broke through horizontal resistance on heavy volume yesterday and it is above all of the major moving averages. We also have a compression breakout on a daily chart. If this breakout holds for a few days, we will see another leg higher.

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