Market Update: Testing the Boundaries of the Consolidation Box
December 4, 2023 - Update
The market had a strong move when looking at the equal-weight SP500. We are close to testing the higher level of the consolidation box I have been tracking for months:
The RSP 0.00%↑ has been overperforming the SP500 as more stocks are participating in this rally. The MACD line although is still negative just crossed over the signal line indicating possibly more “upside” ahead.
We might bounce back against the top of the consolidation box or try to break out to the upside. No assumptions. Let’s see.
On the other side, the 10-year treasury yield keeps trending down and is approaching an area where a bounce is possible, see below:
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