S&P looks to break out

The U.S. equity markets started the year with a bang, rallying almost 2% and tossing aside the trendline resistance that had been in place since late summer.

A big gap down on Tuesday would leave a very bearish pattern in place.  But if the market can hold onto most of the gains, it seems to me that the next serious resistance in the 1320-1340 area.

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