Happy 4th of July – Just in Time

Equity prices have been stuck in a tight range for over two weeks, struggling to top important Fibonacci resistance. Fortunately for bulls, another holiday has arrived.

SPX is within striking distance of our Jan 8 Inverted Head & Shoulders target [see: A Look Ahead at 2024.]

The most important chart pattern for SPX is the large Inverted H&S Pattern which completed on Dec 11.  It points to 5727 (a 24.5% rise from the neckline) and, if it’s to align with the large rising yellow channel, would reach its target in late June 2024.

Can stocks push through the current resistance? The answer lies not in the stock market, but the bond market.

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