SPX Break-out Appears Confirmed
We noted at the time that the move higher would need to include the market holding there through the end of the week to confirm the break-out.
That failed to happen as the SPX sold off ~25 pts into week’s end making our conclusion premature.
However, with this week’s fiscal cliff negotiation-fueled move higher, that break-out now appears to be fully confirmed below.
We believe it likely portends more upside over the intermediate to long-term (i.e., into 2013).