A Major Breakthrough - The S&P 500's Explosive Journey Through Crucial Resistance Levels And Towards Record-Breaking Highs

• The US Labor Department reported that the inflation rate for May 2023 has reached a two-year low, with a modest 0.1% rise in the consumer price index for the month. This decrease has brought the annual inflation rate to 4%.
• The week commenced with a strong surge, with Monday's closing prices rising by 0.88% from the previous day and the bullish momentum continued into Tuesday with a market opening of 0.33% higher.
• The information technology sector has been the primary beneficiary of the current bullish trend, experiencing an exceptional growth rate of 37% in this year alone.

According to the US Labor Department, the inflation rate for May 2023 has hit a two-year low, with a meager 0.1% increase in the consumer price index for the month.

This brings the annual inflation level down to 4%, signifying more favorable economic conditions for consumers and businesses.

The stock market mirrors the optimistic economic environment, displaying an undeniable upward trend on the S&P 500 SPY SPY trading charts.

The week began with an impressive surge, as prices on Monday moved up, closing 0.88% higher than the previous day.

The bullish momentum persisted into Tuesday, with the market opening up 0.33%, gapping up in the process.

The market has experienced significant gains, resulting in the price surpassing a major resistance level of $4325. This hurdle, which previously posed a significant challenge to market growth, has now been comfortably overcome.

The information technology sector is undoubtedly the leading beneficiary of the current bullish trend. In fact, the sector has seen a remarkable growth of 37% this year alone, and we're only halfway through the year!

This points out investors' increasing preference towards tech-centric and AI investments, driven by the sector's impressive performance and promising growth prospects.

Looking ahead, the S&P 500 index is making steady progress towards breaking its current all-time high of $4818.

While this could occur if the current market momentum continues, there is still the possibility for a period of consolidation as the all-time high is considered a major resistance level.

But for now, buying opportunities are constantly presenting themselves.

After the closing bell on Tuesday, June 13, the stock closed at $4369.02, trading up by 0.69%.