Below we have outlined where I think the SP500 can either find her next up leg, or break it.
The white dotted line in the chart below is at $84.47. If the buck breaks that line (like it did in December), I think stocks breakout to test the December/January highs. Today, the US$ Index is down another -0.79% at $84.61, and the stock market likes it.
If we fail to break the buck, there is a massive wall of resistance at SP500 885 that I do not believe will be overcome. This is the line that matters.
Keith R. McCullough
CEO & Chief Investment Officer
The white dotted line in the chart below is at $84.47. If the buck breaks that line (like it did in December), I think stocks breakout to test the December/January highs. Today, the US$ Index is down another -0.79% at $84.61, and the stock market likes it.
If we fail to break the buck, there is a massive wall of resistance at SP500 885 that I do not believe will be overcome. This is the line that matters.
Keith R. McCullough
CEO & Chief Investment Officer
