The 1,300 level for the 500 index has been key support/resistance a few times over the past 12 years, see chart below. (see here)
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Below is an update on the key 1,300 level for the 500 index.
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Is 3% above a line a huge breakout? NO, yet it is progress towards one. As the mid-caps move onward to all-time high prices levels, this is quality price action that is taking place in the broad 500 index. 1,300 now becomes short-term support. Idea action would be for it to come back down and test it as support!
At this time I still favor/am overweighted the mid-caps (see post here) and the drillers (OIH/IEZ). Drillers picked up almost 2% yesterday while the 500 index was up around 30 basis points. So far, nice relative strength in this sector.
Blin….Nice work!!! 😉
Adding to your theme of ‘Lucky 13’, the S&P has experienced 13 consecutive ‘higher high weeks’ since the week of nov.19. Translation, the S&P has made higher highs for 13 consecutive weeks and 13 also happens to be a fibonacci number.