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After third week of gains, stock market nears 'wall of resistance' level that everyone is watching


Added 01-11-19 05:02:02pm EST - “Stocks are quickly closing in on an important level that some traders believe could make or break the market's post-Christmas bullish run.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “After third week of gains, stock market nears 'wall of resistance' level that everyone is watching”. Below is an excerpt from the article.

Stocks are quickly closing in on an important level that some traders believe could make or break the market's post-Christmas bullish run.

The S&P 500 is poised to take aim at an extremely important level in the coming week. The 2,600 level has sucked in all sorts of market watchers — technicians and non-technicians alike — who are waiting to see if the S&P can cross above that threshold and move higher, a sign to some that stocks may have found a bottom during Christmas week.

The S&P 500 was just shy of that level, ending Friday at 2,596.26 after touching a high of 2,597 Thursday.

If the S&P fails to crack 2,600, it could be a level that the market will continue to revisit, but it could also signal a retreat to test the recent lows.

"About three or four days ago when the market started to get back to 2,600, volume started to shrink and nobody believes this rally. If I think about this from the most positive or bullish standpoint, I think you can have a quiet pause near 2,600. In terms of technical patterns, it almost seems like a bullish flag," said Instinet's Frank Cappelleri .

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