Notes:
- The market held the down thrust below 790. The reversal indicates the uptrend is intact.
- Yesterday's outside, up day, with a close at the high indicated that a test of the resistance in the 830 area was likely.
- The ability of the market to hold above the green line is important and impressive.
- Short term support is at 770 and rising.
- Near term resistance is in the 830 area. Overhead resistance is at 857 and rising.
- Trades and or a close above 832 will test the will of the shorts.
- The market continues to trade up against bad news. Shorts continue to pile into the market believing that the market should be going down against this evidence.
- All I can say to shorts is---Don't Fight the Tape.
- Technical evidence continues to indicate higher prices.
See:
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They called me crazy, S and P 900-1000
 Bob DeMarco is a citizen journalist and twenty year Wall Street veteran. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. Content from All American Investor has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments. |
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