The SP500 , which is a great substitute for the overall stock market, has been trading under the dotted purple resistance ever since the bear market started in January last year.
After several touches and failed breakouts, today might be the day that stocks will finally break out and show their bullishness over the next couple of weeks.
It's too early to say whether we're going to make new all-time highs this year, but if we can close the week above the resistance line we can safely say that things look relatively good.
Ideally, we wait for the weekly close to confirm the break out. More risk-loving traders might wait for the daily candle to break out.
I'm looking at 4090 as my first conservative target. A higher risk-reward target would be 4300.
