Three breakout charts below. First the S&P 500 index ETF (SPY) breaking out above prior resistance. Please click chart to view.
Although the S&P 500 has not been trading at very high volume, the volume today was 15% higher than yesterday, which counts for something. Below is a confirmation chart of the transportation index, also breaking out higher.
Lastly a holding of ours, CELG, has broken out higher on above average volume. The breakout is a multi-year new high.
Bottom Line: From a technical basis we have both the S&P 500 and the transportation index on breakouts above previous resistance levels. On a shorter term basis the market is getting a bit overbought so I would expect some consolidation prior to extending the gains. CELG a holding of ours has made a clean break higher on above average volume. I am looking for more upside from them also. Thank you for stopping by.
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