Market patterns

The S&P 500 bottomed at 1258. Jumped to 1356, but encountered strong resistance at these levels. It retraced about 50% (classic move), bottoming at 1295. And now it has been soaring again.

The trend seems to be up from a technical viewpoint because the low of 1295 is above the previous low of 1258.

Now the next hurdle. 1350 remains a strong resistance level. If the S&P 500 sails through this level the market is likely to go much higher.

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George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest

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