Thursday, April 23, 2009

Stock Market Uptrend Still In Tact (Chart)

S andf P 500 Chart 423

As evidenced by the chart, the uptrend in the S and p 500 is continuing.

This weeks test of the green line shows that support under the market is continuing to build.

One area of concern is the six straight up weeks in the market. Statistically this is unusual and rarely seen -- even in bull markets.

It will be interesting to see if the market can make it seven in a row this week.

There is serious overhead resistance right at and above current levels. It appears the market needs a catalyst to move out of this congestion.

A close about 875 is needed to bring the momentum back into the market.

We are waiting for the red line to turn up before turning on the bullish enthusiasm.
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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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