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The long-awaited breakout over what had become triple resistance at 4100 has occurred. $SPX closed above that...
I met David Lucterhand when we were both freshmen living on the same floor in the H-1...
This article was originally published in ...
By Lawrence G. McMillan
The long-awaited breakout over what had become triple resistance at 4100 has occurred. $SPX closed above that level on February 1st and then added another strong day on top of that on February 2nd, thus confirming the breakout with a two-day close above 4100. That should lead to a challenge of the next resistance levels. First, there is the gap just above 4200 that created the island reversal back in August, which led to the downward leg into October at that time. Next up after that are the August highs at 4300.
Does this mean that the bear market is over? There is no way to answer that for certain. Most extended bear markets have one...