Has This Bullish Pattern Returned?

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Sizing Up the Market

  • S&P 500 holds last week’s low of 6201, above February high
  • Tight range resembles earlier breakouts (see below)
  • Holds rising 8-day EMA
  • Sector mix potentially bullish:
    • 2-week leaders: Technology, industrials (cyclicals)
    • 2-week laggards: Consumer staples, healthcare (safe havens)
  • Breadth weakens without price breakdown
  •  Intermarket: Few bearish signals
    • U.S. dollar index bearish outside day near top of falling channel
    SPX_20250716-1024x490.jpg

    S&P 500, daily chart, with select patterns and indicators.

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    SPX_2023_2024_tight-1024x490.jpg

    S&P 500, mid-2023 through early 2024, showing tight ranges.

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    About the author

    David Russell

    David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.
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