Keep an eye on the S&P 500. The index is currently breaking out of the “wedge” pattern that it has been trading in for the past few months. Earlier this week I mentioned that I am starting to see a few buy signals from some of the investment models I follow. This breakout is not only another buy signal, but is confirmation of those earlier buy signals.
My post from earlier this week: US Equities – Stuck In A Wedge.