After a big year-end rally, the stock market is attempting to consolidate gains in January.
That consolidation has several stock indices and ETFs trading near recent price highs.
“The facts, Ma’am. Just the facts.” – Joe Friday
Today’s chart 4-Pack highlights a key bank stocks, JP Morgan $JPM, the S&P 500 equal weight ETF $RSP, the Nasdaq 100 ETF $QQQ and the Nasdaq 100 equal weight ETF $QQEW. And as we mentioned, breakout tests are in play at each (1) across the board.
I agree with Ole Joe that breakouts at (1) would be bullish for the broader stock market.
That said, RSI is currently near the peak levels of 2-years ago. It will be interesting (and important) to see what happens here. Stay tuned!
Chart 4-Pack of $JPM, $RSP, $QQQ, $QQEW
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