The S&P 500 has broken out of a formation that projects a 4300 target. This projection is supported by higher lows in momentum and higher lows in the ten-day moving average of the advance-decline differential. Technology and communication services are likely to extend their leadership.
Micron Technology is a constituent of the hot semiconductor group. The stock has broken out to the upside supported by higher lows in momentum and a new high in relative strength. The monthly price cycle does not top until Q4. The share price is likely to rise to the $75-$80 area by that time.
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