Stock Market Highlights - Week 19
The stochastic indicators are now not in overbought territory and the chart is set up fairly well for a boost to the upside. We will have to see if the market will be able to follow through from Friday's action. If it does, we have a good chance at further upside. The market has been stuck in range mode for about three months now. When will this break?
The S&P 500 closed at 2116.10 on Friday, May 8th, 2015 up about 8 pts from the previous week. The S&P is posed to break out of its ascending triangle pattern. This is nearly an identical chart to that of the Dow Jones. Probabilities suggest that the bulls will make another run at the top. Any sustained break would make this rally worthwhile to watch. So far we have not been able to see the bears take control or show that they can thwart the bulls. On the contrary, we have yet to see the bulls take full control either.