As many investors begin to prepare for the long holiday weekend, the major indices are nearing a critical juncture. Is a breakout coming. Or will the key resistance levels continue to hold equities back into summer?
With the recent rally in equities, the major indices are trying to extend the “Sell In May” theme by another month. The S&P 500 and Dow Jones Industrial Average are near new highs and the Russell 2000 is attempting to break out above its recent downtrend line.
As well, and perhaps even more interesting, the Emerging Markets ETF (EEM) continue to rally higher into an important resistance band.
And all this to bear in mind as the Volatility Index (VIX) nears multi-year lows (see post from earlier today on low VIX readings).
Check out the chart analysis below and enjoy some family, fun, and BBQ this weekend. Trade safe.
S&P 500
Russell 2000
Emerging Markets ETF (EEM)
Volatility Index (VIX)
No position in any of the mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
