Breakout or Fakeout for the S&P 500? 🌤️ The Morning Print
Good morning!
The S&P 500 is working to resolve higher after several days of consolidation.
Here's the setup.
On the hourly timeframe, price has been contained between 7150 and 7050, reflecting the tight range over the past week.
This period of stagnation makes sense given the strong rally we've seen off the recent lows.
The S&P 500 broke out during Friday's session, and the focus shifts to whether that move carries forward this week or if it fades.
Volatility is extremely compressed, which raises the potential for a sharp move around the open.
The setup leans bullish, and now its a matter of how price action develops from here.
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