Breakout Near for Stocks?
Stocks continue to range, holding the very narrow range 3547 to 3584. If they break to the upside they will face resistance at the Fibonacci extension level 3632, which provided resistance last week. Highs at 3677 will also be difficult to break. The S&P still looks like it is forming a bull wedge pattern. We are currently sitting at support from the lower bound. If our buy-side conviction fails, we could see a breakdown to as low as 3484, but we need to slice through several levels first.
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