SPX Break-out Appears Confirmed

Last week we had a post suggesting the SPX was breaking out in a big way on Wednesday the 12th.

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).

2012-12-18 SPY - 60 Min

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