By Graham Summers, MBA | Chief Market Strategist
Upon observing the current movement in the stock market, it’s evident that stocks have recently crossed a critical resistance point on a weekly timeline. The market is now backtesting this breakout, which is to be expected. The key issue is whether or not this breakout holds. The line to watch is 5,675 on a weekly chart.
High yield credit often guides stock movements. Currently, high yield credit is strong, signaling continued momentum and a potential S&P 500 hit 5,750 soon.
Pay attention to high yield credit’s strength – it could lead to a significant S&P 500 breakthrough to 5,750 in the near term.
The market breadth is on the rise, signaling a strengthening bull market rally that is expanding, not constricting. Once again, we see no indications of an imminent collapse. In fact, the current scenario presents a prime opportunity to ‘buy the dip’ in stocks.”
I bring all of this up because a LOT of analysts have gotten bearish. Their clients have MISSED out on these gains! Don’t be one of them!
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Best Regards
Graham Summers, MBA
Chief Market Strategist
Phoenix Capital Research