Free Weekly Stock Market Commentary 9/20/2024
By Lawrence G. McMillan
After bumping up against resistance once again in the 5670 area, $SPX finally exploded on through, one day after the Fed lowered rates by 50 basis points. A second day’s close above 5670 will confirm the breakout and will warrant a “core” bullish position in the Index.
There should now be support throughout the former trading range, 5560 5670. If $SPX falls back below 5670, then it would have to be considered a false upside breakout, though.
