As the chart below reveals, the S&P500 has been suffering in a downtrend all year. Friday’ action finally broke the index above that trendline. Similar charts of the Dow and Nasdaq, however, do not show a breakout (yet).
SPX Chart (one year)
click for larger chart
Whether that breakout sticks will likely be determined by a few economic releases this week, most notably Friday’s Employment Situation report.
Quote of the Day:
“In the realm of ideas, everything depends on enthusiasm; in the real world, all rests on perseverance.”
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.