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“I Walk the Line” – Johnny Cash

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

After a short and extremely limited week of economic data last week, I hope you’re ready for a full week of trading and a busy week of data. Kicking off the week, futures have been little changed as traders await the release of New Home Sales and the Dallas Fed report. Overnight, most Asian equity indices were lower to kick off the week even as Japan bucked the trend to trade at another record high. Europe has also been sluggish in early trading, but overall, the pace of news has been quiet.

Taking a long-term look at the chart of the S&P 500, we’ve essentially seen a textbook breakout. After trading at new highs in late 2023, the S&P 500 successfully tested its breakout level early this year and hasn’t given investors much of an opportunity to get in ever since.

Looking more closely at a shorter-term chart of the S&P 500, it has been “walking the line” of a steep uptrend of higher highs since mid-November, and while the steepness of the trend hasn’t accelerated it has retained its steady ascent.

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