Bulls are in control here as we close out the month of March. Remember my thesis of the continues uptrend is that of window dressing but with earning starting the week after it will be interested to see where we are by the end of April.
The fact that the market has been up 11 of the last 15 sessions despite some intense overbought conditions indicates to me that the powerful intermediate-term bullish signals likely are STILL pre-dominant, which if accurate means that weakness will be muted until the intermediate-term technicals run their course on the upside.
Near-term, as long as the S&P does not trade below critical support at 795-788, the bulls remain in control. Traders may also want to watch the 803.50 level, which is the dominant March up-trendline. The longer the S&P 500 futures remain above that trendline Sunday night into early Monday, the more likely the correction will run its course ahead of another thrust late Monday into Tuesday am, which projects next to 835-845. I have an initial upside target of 852 and full resistance at 874.
Have a great weekend
Saturday, March 28, 2009
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