S&P 500: A major breakout may be ahead!

The S&P 500 broke above the key 5,600 resistance level to close at 5,626.02 on Friday. Next week, the index may be retesting the trendline resistance ~ 5,643. The market is expecting a 25 basis point rate cut on Wednesday but some strategists have already raised their expectations for a 50 basis point cut. Pending the Fed's decisions, a breakout could send the S&P 500 higher to retest the trendline resistance at 5,732.

This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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