3 Stocks Ready to Slice Through Resistance
I think it is safe to say that the S&P 500 index successfully bounced off the 1220 level, further validating the former summer consolidation resistance level as important support. The index is currently 7 points away from its 200-day moving average and about 25 points from the upper end of what I think is a new trading range. Many technicians are now seeing the action of the past 10 days as forming a symmetrical triangle, in which case a move above the 200-day average would constitute a pattern breakout.
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