Now it is time to get excited. Yesterday, we noted the S&P 500 Index (SPX) had been stuck in a short-term  trading range. Today, the SPX broke out of that range, punching through resistance at 2945 and will likely close back above the 50-day moving average for the first time in almost a month. The index is now just 2% below the all-time high on July 26th.

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