by Matthew Kerkhoff
We’re going to look at the state of housing today, but first, let’s check in with the stock market to see where things currently sit.
During the last couple of weeks, we’ve been watching the development of what looked like a head and shoulders pattern in the S&P 500. Fortunately, we did not see a break below the neckline, which would have confirmed the pattern.
Instead, the market rallied off of the neckline support and headed higher, approaching the 2100 level. This has been a formidable area of resistance for quite some time and could put some pressure on last week’s rally.