Breakout!

After going 10 days without setting a new high, but still closing within 1% of one, buyers finally managed to show enough interest to break the logjam. Interestingly, the S&P's returns in the short-term were worse when it broke out to the upside than when it broke down. Of the 5 times it broke its range to the downside, it rallied over the next month 5 out of 6 times. When it broke out to a new high, like now, it rallied 4 out of 10 times.