The S&P 500 staged an upside breakout in December through a cup and handle pattern but it was rejected at all-time-high resistance, which is a somewhat disappointing development.
Instead of worrying about whether it can rally through resistance, here is another index that staged a cup and handle breakout, but to all-time-highs. It’s the NYSE FANG Plus Index, which represents megacap growth stocks, which has been the market leadership. The catch is its relative strength is faltering and its retreated to test a key relative resistance turned support level. Further relative weakness could signal a loss of megacap growth leadership.
The full post can be found here.
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