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Bad News But Stock Market Breakout Anyway?

|Includes: Invesco QQQ ETF (QQQ), SPY

This was published initially here.

The stock market's had some volatility this year. But we might be just about through the rough part.

Chart Source

The chart is the S&P 500 ETF SPY (NYSEARCA:SPY) and shows that since the low February 9th we've made higher lows. That's a bullish sign.

We're also only 1% away now from refilling the entire gap before the drop on February 2nd. In trader terms that's called the market's done a lot of work.

The market looks like it wants to go higher.

The Next Move

As we shrink those swings making higher lows approaching the flat line we drew in the chart the dips could get smaller and smaller. You see from the trend we have a good shot at going topside of that horizontal resistance line at about 280. That's a small move away for this market.

..... see full article.

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