Jan. 23 at 6:25 PM
$PM $XLP $SPY PM - Update:
After breaking out of the downward price channel on Jan 14, PM retraced and cleanly retested the former downward‑sloping resistance line, which has now potentially turned into support. This pullback also aligned with several areas of technical confluence, reinforcing the validity of the breakout. During the retracement, sellers lost control on Jan 21, failing to push price below 163.13 intraday. Price then reversed to finish green, accompanied by a modest uptick in momentum, and importantly, the pullback never closed below the Jan 14 breakout‑day open at 166.65 - a constructive sign for bulls. The following session produced another green close, and as of today, intraday price is pushing above the former July 22, 2025 gap‑down horizontal level. If momentum continues, price may next target the half‑gap & eventually the full gap above. Of note, earnings Feb 6, 2026 represent a meaningful catalyst & could accelerate/disrupt this developing trend.