Stocks broke out of it's 5 week range and got some subsequent follow through when the S&P shot above the important $294 resistance level, squeezing shorts and pushing the market into greener pastures. Both S&P and Nasdaq climbed 1.8% during this holiday shortened week. It was seemingly perfect timing as stocks closed right at the resistance level Wednesday, only for the White House to announce an early October trade meeting with China on the table, which sent futures soaring and never looking back.
This further proves why we obey price action above all else, as everyone and their mother (me included) had a pretty negative outlook on any short term market movement. Powell's comments Friday had the market signaling a September rate cut at the Fed meeting is likely under way at their announcement the 18th.
I am not full speed ahead bullish because we are out of the range, as the market is still quite reactive to any news dropping, but I am putting more risk on to the long side as I see fit. We will see how things develop this week.
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