Thursday, February 16, 2012

Strong market

There is some more bull left in the market, that's for sure.  We made a decent break of short term resistance and it  appears we are headed for the next resistance level; which should be at the 1370 level.  After that, we have the 1386 area, and then 1400!   There is some pretty smooth sailing in terms of resistance to those levels. We shall see though.  The European front had more of a hold on the market than many (including myself) believed.  It seemed like we could sell off yesterday and early today, but the positive economic data continues to bring support into the market.  Below is the 10 min. S&P 500 chart of the recent price action,  Beautiful high base technically speaking; and provides a decent amount of support in the short term if necessary.  With the run many stocks have had, its amazing we can continue to go higher, but the market is always right, and the technicals are supporting the move higher.
                                                                                           click chart to view

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