After finally pushing through the 6500 resistance zone and reaching new all-time highs on Thursday, US equities pulled back on Friday to change the week below this level and almost unchanged from last week’s close:

In reaction to the Fed’s indication of probable interest rate cuts in September, investors pushed the markets higher on Friday, but the SPX (S&P 500 Index) closed only slightly (~0.25%) higher than last week’s close and was not able to penetrate the ~6450 resistance level and/or reach new highs, and we remain in a sideways […]

US equities continued their steady climb to new all-time highs this week with the SPX (S&P 500 Index) closing ~1.5% higher than last week’s Close: The next potential resistance level might come somewhere in the 6450-6500 range between the 1.236 Fibonacci extension level and the psychologically significant 6500 “round number”. From there we would wait […]