Market Analysis for The Week of 1/18
Part 1 of 2
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For many weeks I have discussed my caution until SPX cleanly broke 6980 and NQ reclaimed and based above its RTH gap from November (26015.5).
Neither have been able to do so:
SPX 6980 is the equivalent extension at which the current QQQ high sits (and has not returned to). At minimum, this has been an area at which caution has been warranted. While many patterns have been drawn (and re-drawn lol) on the major indices, their “breakouts” have all been meaningless. In the Year ahead video from December, we discussed what a “breakout” would look like on the profile, and we have seen nothing of the sort. There are now two questions before us which are somewhat related. Will bulls see punishment for their repeated failures? What will it take for bulls to find the strength for a proper breakout?
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