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Are We on a Tractor Beam to 2135?

I think it is fair to say that the breakout above 2100 has commenced. The longer it stays above, the more bears will have the fear of missing out on the rally, the easier it will be to reach the old highs at 2135.

There is very little resistance between current levels and 2135 since it is barely 1% above Tuesday's close. That spot is just too inviting of a target not to be touched at this stage. I could even make a case that we are on a tractor beam headed there in short order. Thus, the much greater question is...

Will stocks breakout to new highs???

Investors spent six full weeks battling over the previous resistance level at 2100 before finally heading above. The fight at 2135 could be just as fierce. Especially true as one of the stronger bear arguments has been that the market has not made a new high in over a year. Traditionally that long of a gap equates to a new bear market. So if stocks break above, more bears will break ranks to become bulls once again.

So put the discussions of 2100 behind you. It is time to start placing bets on what happens at 2135.

Best,

Steve Reitmeister

Executive Vice President, Zacks Investment Research

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