US Equity Indices Take Aim at 2018 Highs….

The recovery rally in US stocks remain intact. Incredibly, major US indices are now flirting with new all-time highs.

Look at the S&P 500 Index. Each of its recent correction reversed very quickly and broke out above previous pivot highs. The rally from the December lows is now as strong as the one during 1H2017-1H2018, when markets were ‘priced for perfection.’

So the big question now is: Will the 2018 highs exert resistance? Given the current rally has not revealed any sign of decelerating, the assumption is that it will continue. So expect some major breakouts in the days ahead (see Featured Chart).

In yesterday’s piece, I highlight the upside breakout potential in Platinum, which took place soon after. Prices overcame the base resistance at $880 yesterday even though the rest of the precious metal market is weak. I expect further relative strength here.

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