S&P Breakout Holds
Large Caps and the S&P, in particular, has been leading the broader market with this week's breakout. Technicals are all net bullish as the index looks to mount a challenge of rising channel resistance, which is still some distance away. Current momentum suggests higher prices are favoured and it will take a loss of the channel and a failed retest of the prior high to suggest bears have regained control - so shorts will have to wait longer before they can act.