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Key Market Indexes Are Attempting to Break Above 2022 Highs

Published 15/01/2024, 05:38

After a big year-end rally, the stock market attempts to consolidate gains in January.Indices-Weekly Chart

That consolidation has several stock indices and ETFs trading near recent price highs.

Today’s chart 4-Pack highlights a key bank stock, JP Morgan (NYSE:JPM), the Invesco S&P 500® Equal Weight ETF (NYSE:RSP), the Nasdaq 100 ETF (NASDAQ:QQQ), and the Nasdaq 100 equal weight ETF (NASDAQ:QQEW).

As we mentioned, breakout tests are in play at each (1) across the board.

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.

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