SPX breakout to new 2023 highs should help rally extend a bit more; Favor Homebuilders

SPX Trend bullish but might encounter resistance at 4235-4250 and maximum lift to 4325 before consolidation sets in.

Wednesday’s breakout wasn’t noticed by many, but set the stage for Thursday’s strong push to new highs for 2023. As noted, several developments happened early in the week that prepared us that the path of least resistance might be higher.

Initially, Technology rebounding was important.  Then, Regional Banks bottomed and moved...

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