Mid=week market update: One key development that I had been monitoring is the upside or downside resolution of the sideways consolidation that often occurs after the market ends an upper Bollinger Band ride. Investors may have a tentative answer. It's an upside breakout.
The S&P 500 and equal-weighted S&P 500 finally staged an upside breakout from their consolidation ranges today. The NASDAQ 100 already broke out last week, and it pulled back to successfully test the resistance-turned-support level.
I call it a tentative breakout because much depends on the market reaction to the earnings reports of heavyweights Alphabet and Tesla after the close today.
The full post can be found here.
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