S&P Close to Breakout

(The Technical Analyst) Option-based sentiment suggests the S&P 500 will breakout to new highs over the next few weeks, according to Ari Wald, Technical Analyst at Oppenheimer. Wald says the 10-day Put/Call ratio is turning up from one of its most pessimistic levels of the last two years, offering contrarian firepower for the next leg of the advance (see Chart).

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