Amazing what 2 solid back to back days can do for the technical condition of the market (S&P 500). From closing below the 20 day moving average (for the first time since November) Friday, to a break out over yearly highs Tuesday at noon. Unlike November, when a small technical break led to some weakness for a number of weeks; this time around it was not even a glancing blow.
Now the question returns, do we start a new "V-shaped" rally that has marked so many of the upside moves since March 2009? Next clear resistance (not that resistance matters anymore) appears to be August 2008 highs around S&P 1350. Long side traders can now play the market from the long side using S&P 1302 as their base....
.....it remains the remarkable, unshortable market.
Tuesday, February 1, 2011
S&P 500 Breaks to New Highs, Change in Technical Condition in 2 Market Days
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12:25 PM
S&P 500 Breaks to New Highs, Change in Technical Condition in 2 Market Days
2011-02-01T12:25:00-05:00
Mark
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S&P 500 Breaks to New Highs, Change in Technical Condition in 2 Market Days
2011-02-01T12:25:00-05:00
Mark
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