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Research Report

Chart Watch: Bull market trying to extend its breakout Add to ...

Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report’s recommendations. For more on The Globe’s disclaimers please read here. The following is excerpted from the report:

The S&P 500 appears to have avoided some potholes on its bullish road – for the moment. The recent consolidation period has ended with a grudging and somewhat tentative upside breakout, which looks like an extension of the advance that began last November.

An acceleration of the uptrend well into the 2,300s on increasing volume – and with more stocks making new 52-week highs – would be the ideal clincher for the bulls. But the bull market still has to deal with its internal weaknesses, its downside cyclical pressures and the dangers of a “buying climax."

Investors should not chase stocks at these levels. Pullbacks will offer opportunities to buy technically-strong stocks.

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