07 Aug S&P 500 Getting Ready To Breakout
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Biotech share, rose slightly today and we can see from the chart below, the ETF, has played a game of fill the gap. The gap was previously created back on July 19. The hourly chart shows that the ETF has now bottomed nicely and appears to be rounding higher.
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Technology stocks continue to trend higher as well, with a well defined regression channel. The trend line from the February. lows is still very much in tact.
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The S&P 500 continues to trace out along the February/Brexit lows, but the trend line continues to act as resistance. In fact, the recent setup in the triangle, tells us the index maybe getting to breakout shortly.
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