Financial Sector Breaks Out

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The S&P 500 Financial sector has been the weakest of the ten major S&P 500 sectors since the prior bull market peak was reached on April 23rd. But even the financials have made a bullish move this week.

As shown below, the last two days of gains for the sector have caused a breakout above the sideways trading range it had been in for the last six months. Now the top of that sideways range will act as support instead of resistance.

(Click to enlarge)

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