The 10 month consolidation ends with a breakout into a new trading range — and (of course), that’s bullish. Traders should use the double red line as their stop loss — any break of that suggests a market sliding back into the prior range.
SPX Breakout within the larger uptrend channel
click for larger chart
Note that the upper green line of the channel — 1310 or so — becomes the new target.
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Quote of the Day
"Your emotions are often a reverse indicator of what you should be doing."
–John F. Hindelong