I do like the way the market bounced back after a dismal opening on Thursday. I also like that some of the parbolic stocks took it on the chin while others rallied, which implies this is a broad board rally. My only concern is that the 2nd half of Feb. tends to see a rough patch in the market, but in the long run I think it will be ok.
The SPX is sitting awfully close to all time highs, after a decent week. I still think it has a good chance at a break out. It has been consolidating since early November and hasn’t had a break out of previous highs since then. both the RSI and Stochastics are not indicating an overbought market so there is still room for a move up. I think 6200 is feasible in the near future. All we need is no new talks of tariffs or high inflation reports
It just needs to break out of the range
