As the chart below reveals, the S&P500 has been suffering in a downtrend all year. Friday’ action finally broke the index above that trendline. Similar charts of the Dow and Nasdaq, however, do not show a breakout (yet).
SPX Chart (one year)
click for larger chart
Whether that breakout sticks will likely be determined by a few economic releases this week, most notably Friday’s Employment Situation report.
Quote of the Day:
“In the realm of ideas, everything depends on enthusiasm; in the real world, all rests on perseverance.”