The stock market, as measured by the S&P 500 Index SPX, has been trying to break out over 4200 since last August. This past week, with the debt-ceiling negotiations taking on a positive tone, it appeared that SPX was finally going to accomplish the task. It traded up to 4231 on May 30, but then reversed direction. The index closed at 4221 on June 1 and needs to close above 4210 for two consecutive days in order to confirm an upside breakout.

Even if that does occur, there is still the resistance at 4300, left over from the…

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