Four Breakout Candidates

The Russell 2000 has taken out important overhead resistance, and the S&P 500 is testing its 50-day moving average. How this price action plays out going into the close on Friday and the message of the weekly charts will do much to determine the intermediate-term direction of the broader market. As it stands at this point in today's session, there is strength across a number of sectors, and there are several breakout candidates that have been consolidating in a horizontal channel and are testing upside resistance levels.

Capital One Financial (COF) has been moving sideways for about a month. This week it tested the lower end of the channel and its 50-day moving average and bounced back to upper-channel resistance....267 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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