Indeed, the violations of resistance turned all but one of the charts into near-term bullish trends. Thus, while our caveat of resistance violations has been achieved, we can now see buying weakness when available within an improving market structure. Violations of Resistance Turn Most Charts BullishChart Source: WordenOn the charts, all the major equity indexes closed notably higher Friday with strong market internals. The percentage of S&P 500 issues trading above their 50-day moving averages (contrarian indicator) rose to 65%, staying neutral. Market OutlookFriday's strong action dispersed some overhanging market clouds due to meeting our requirement for violations of resistance.

Source: Washington Post January 09, 2023 15:55 UTC