Recent price action for the S&P 500 Index has the chart pattern resembling a cup and handle breakout. Additionally, the breakout from the handle does appear it has occurred on increased volume.
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| From The Blog of HORAN Capital Advisors |
The market's recent advance has certainly been a strong one. Some consolidation of these gains would not be unexpected; however, from a technical perspective, the market seems to want to move higher.
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Another strong point of this formation is the larger green volume bars on the right side of the cup. By watching volume, number of up days on high volume to down days on high volume, and where they days close (upper half or lower half), we can see just how strong these bases are, and analyze their potential strength and/or failure potential.
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