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Is the S&P 500 (SPX) on the verge of a sustained upside breakout as it pushes through multiple prior failed rally peaks just above 2800? This week should provide some answers.
Actually, a sustained climb above 2832 (on a closing basis) also will answer the question we have been asking in these weekly articles for the past four weeks: Will the powerful advance from the Dec 26 low at 2346.58 be stymied in the 2775 to 2832 resistance zone?
This zone is the area that measures 76.4% of the entire prior Sep-Dec correction — what we’re calling the “Fibonacci Recovery Price Resistance Zone” — and in the last 20 trading days the SPX has probed but failed to hurdle the upper boundary (2832) of this zone no less than five times!
Without any particular reason – – none is needed – – the markets continue to galumph higher this morning, with green all over the screen. As mentioned last week, once the 2825 level was pushed aside, another 40 points of pre-groomed ski trails lay in front of the bulls, easy to achieve as there was absolutely zero resistance.