Institution: The US stock market has escaped the "black hole," and the rise path is clear.

BlockBeats News, May 15, Wednesday’s market action did not bring much cheer to Wall Street, but the relatively quiet trading session may send a positive signal that the market environment is shifting in the direction of closer normalization. The S&P 500 fluctuated slightly throughout the day on Wednesday and ended up just 0.1% to close. Andrew Graham, managing partner and founder of Jackson Square Capital, said the market held steady ahead of Thursday’s April producer price index (PPI) and retail sales data as Wednesday was a relatively light day for economic data. Jason Hunter, head of technology strategy at JPMorgan Chase, said in a note to clients on Tuesday night that the U.S. market appears to have jumped out of a “black hole” and may enter a slow upward channel. “If history is any guide, the S&P 500’s ‘bull gap’ covers the 5750-5785 key resistance level, signaling a return to a low-volatility rally pattern,” he wrote. He was referring to the index’s sharp opening higher on Monday. Hunter noted that the stock market now seems to have a clear upward path and is on track for another rise of about 4%. “We have listed the 6125-6170 range as a potential upside target area before we see clear signs of a trend slowdown, a technical pattern resembling a short-term top, or headlines that could reverse emerging bullish sentiment,” he said. (Golden Ten)