Stocks were up this week on low volume due to the market being open only 3.5 days this week. I suspect we continue higher since we are holding the breakout level without any signs of a pullback.
SPY weekly chart below:
Another reason why I think markets are bound to go higher is because the weaker sectors within the SPY – XLE and XLF (Energy and Financials respectively) have been outperforming.
XLE and XLF weekly charts below:
Let’s see if we get any sort of pullback this week. I think it’s still more likely we go up.