Stephen Suttmeier

*** Please see the bottom of this report for important disclaimers and disclosures.*** Breadth bullish but SPX churns on lagging mega caps Market breadth is strong even as the SPX churns below its record high at 7002 The S&P 500 (SPX) is churning, hitting marginal new record highs into early 2026 and reaching 7002 in late January. Although the SPX has made little upward progress since late October, breadth indicators remain bullish. The 52-week high versus 52-week low spread (Chart 1), the...

AMGEN (AMGN) is a biotech stock that came up as a bullish breakout candidate on this past Wednesday's (2/2/26) The Charted Line Webinar. AMGN is following through, pushing above both the pattern neckline near 345-347 and the 61.8% extension level at 359 and is closing in on the 100% extension at 388. However, the mid 2024 into early 2026 big base favors further upside to 435-440 (161.8% extension and pattern count) on a longer-term basis. Holding the 347-338 zone would keep this bullish...

Western Alliance Bancorp (WAL) is setting up for a bullish breakout from a late 2024 into early 2026 basing pattern. A decisive rally above 93-95 would confirm this pattern with upside potential beyond the late 2024 peak at 98.10 toward 113-116 (61.8% extension of the early 2023-late 2024 rally projected from the April 2025 low and tactical pattern count) and then to 124-130 (late 2021 peaks and full pattern count). The 100% extension at 147 provides another upside target on a stronger...