Breaking Out
New all-time highs are just a stones throw away for the SPX and NDX...
Huge day for the market today with the S&P 500 finally breaking out of its recent 1+ month trading range.
Today was a textbook gap and go breakout with a strong close. As I mentioned this morning in “Clearing Event”, the catalyst for the move higher was the de-escalation of the Middle East conflicts. The price action in the equity and oil markets told this story yesterday and this morning.
But make no mistake, this Bull Market is all about Artificial Intelligence. As I highlighted in Monday’s report “Wall of Worry”, Goldman’s AI Basket has already broken out to new all-time highs ahead of the indices.
In my view, this Bull Market will continue to be all about AI.
Bigger picture, as I have recently highlighted, my target for the $SPX is $7300+ during this AI led Bull Run.
Long Term Portfolios:
Active Portfolio
1 new addition today. 3 super leading stocks, all breaking out to new highs today.
APH -
Breaking out to new ATHs. We are now up +29% since our entry on April 25th.
HOOD -
Breaking out to new ATHs. We are now up +66% since our entry on May 7th.
SPOT -
Breaking out to new ATHs. We are now up +20% since our entry on May 5th.
Today’s new long entry: