S&P hovers around key resistance

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The S&P 500 closed above key resistance yesterday and although Andy Dodd, Head of Technical Research at Louis Capital Markets, thinks it was by an insufficient margin to count as a clean break, he says it’s an important level to keep watching.

Dodd says that if the S&P 500 can break conclusively above the 2401 level (which is the top of a sideways channel dating from the last week of April), it will allow for more upside in all time-frames.

See Chart.