There’s still plenty of time to ride this stock market rally

The stock market, as measured by the S&P 500 Index SPX, has decisively broken out and continues to plow ahead, building on the recent upside push over 4400. Even though there are some signs of an overbought market, we are not seeing any confirmed sell signals yet. SPX has overcome two small resistance levels, with the 2023 highs near 4610 as the next area to overcome. Above that, the all-time highs at 4800 might be reached.

As for downside possibilities, there is still an obvious gap on the SPX chart down to 4420 or so that…