Was This Week’s Move to New Highs a False Breakout?

By | February 20, 2015

There is a lot of time left in a potentially volatile trading day, but the December highs look like a key level for the S&P 500 index to hold above into the close. Stochastics and the Money Flow Index, a volume-weighted relative strength measure, are in or near overbought conditions, and while a pullback to support in the 2066 area would be mild, it might suggest the recent break to new highs was a false move.

2220.S&Pchart

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