Friday, March 09, 2012

Uptrend in Stocks Continues, Chart

The S & P 500 pulled back to its 40 day average (red line), and is now moving back up.

The market appears to be stuck here with resistance around 1380.

The market found good support around 1340 so far. This market really needs tests to the downside to establish support.

Most investor remain skeptical. Preferring to look for reasons while the market should be going down instead of recognizing that the uptrend in intact.

The market should continue to show good resilience on thrusts to the downside.

All American Investor

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Original content Bob DeMarco, All American Investor