S&P 500 Reaches Escape Velocity

By | July 12, 2016

The S&P 500 chart looks like a rocket escaping the earth’s atmosphere. The V-shaped Brexit bottom that briefly penetrated channel support has accelerated up through the confines of upper channel resistance and continued higher. The classic technical take on a market move like this is that gains will have to be consolidated, and at some point that might come with a retest of channel resistance-turned-support.


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