The stock market, as measured by the S&P 500 Index SPX, has finally succeeded in breaking out over both resistance areas — at 4200 and at 4300. Both of those levels now represent support, and it would be a big negative if SPX were to pull back below 4200.
Such a pullback seems unlikely, though, since the SPX chart is quite bullish, and other indicators are in bullish modes, too — although some are getting quite overbought already. There really isn’t a lot of overhead resistance at this point. The first resistance is near 4650…
This post was originally published on Market Watch
