The following is a brief excerpt from this morning’s Keys To this Week report for the US stock market. Asbury Research subscribers also receive separate Keys To This Week reports for US market sectors, US interest rates, alternative investments/commodities/ETFs and the US Dollar.
Keys To This Week displays and discusses 10 key market factors that are most likely to influence the direction of the US stock market over the next several weeks to several months.
The report also includes the current signal of our Correction Protection Model, which protects investors against market declines and greatly reduces volatility of returns without sacrificing long term performance.
Key #5 of 10 of this week’s report, with the accompanying chart, appears below.
Keys To This Week: The US Stock Market
Tuesday May 31st 2016: Key #5 of 10
Support/Resistance: PHLX Semiconductor (SOX) Index
MAJOR DECISION POINT, TURNING NEAR TO INTERMEDIATE TERM BULLISH
Chart 5 below shows that the SOX edged above major overhead resistance at 682 to 693 last week, which suggests that an intermediate term bullish breakout is emerging in this market leading index. A sustained rise above 693 would be seen as a coincident or leading indication of a similar positive move in the US broad market.
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