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This week’s first chart is a humdinger as the S&P 500 Index (SPX) has broken out above the long standing resistance level of 4200 while the Nasdaq 100 index (NDX) has extended its recent breakout.
If you’re looking for reasons for the bullish developments consider the fact that the Federal Reserve may be close to ending its rate hike cycle along with the settlement of the debt default crisis in the U.S. government.
Moreover, this is the third year of the Presidential Cycle which is usually the best of the four years in any presidency for stock prices.
Inside the market, the AI and related stocks are leading the way higher. If you’re not a subscriber to Joe Duarte in the Money Options.com, you may have missed the AI rally. I’ve added two new AI related stocks to my recommendations just in the last two days. You can check them out with a FREE trial here.
The SPX chart speaks for itself as the index has cleared the 4200 price resistance area with confirmation from the Accumulation Distribution (ADI) indicator which means that short sellers are bailing out of the market.
The Nasdaq 100 (NDX) has extended its breakout as well. Here we see both ADI and On Balance Volume (OBV) moving higher. A rising OBV line means that buyers are moving in.
You can get more detail on the market with my FREE email Market Summary available every Sunday. I've been discussing the potential for an SPX breakout for weeks there while also noting the bullish developments in NDX. Sign up here to see what's next.
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