S&P 500 Breaks Another Resistance Level

The S&P 500 has today broken above the 879 resistance level that has been holding it back over the last couple of weeks. After being down 26% year to date in early March, the S&P 500 has made a strong comeback and is now down just 1.91% year to date. Since the March 9th low, the index is now up 33%. The next level of resistance is between 903 and 908, which is the 2008 closing level and a place where two peaks occurred late last year.

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Comments

[speeddaimon:]

I'm no expert in technical analysis, but if a resistance level is considered broken, shouldn't it be for a longer period of time than "momentarily"? I'll be a believer when it breaks above and sits there for a day. Until then, to me, its still in a range.

Apr 30 02:23 PM

[Khaleel:]

I completely agree 'Speeddaimon'. A 'Fasle Break-out' of the Price Line is very common only to see it retrace back below resistance and make its way South! I am no expert either but I believe 3 consecutive days with increasing volume which is pivotal provides more supportive evidence of a 'Breakout.'

Apr 30 03:09 PM

[punk_ash:]

TA does not make money unless you are selling it to unsuspecting retail investors.

Apr 30 07:40 PM

[punk_ash:]

Bescpoke investment group. Hmmmm. Do these people know what an investment means. Investment is different from day trading. Warren Buffet is an investor and he sure does not look up daily charts .

Apr 30 07:42 PM

[Roger Knights:]

I think today will be remembered as a "key reversal day" (of the recent rally). It's a nice "long-legged doji."

Apr 30 08:19 PM

[InvestBaboo:]

Ok, let's look at the leading stocks of leading industries that are represented in the S&P.

They are showing strong buy signals on ther daily as well as weekly charts. They show signs of continuing to power higher which means S&P 500 will continue onwards north. I don't know when it will stop but right now get on the train and enjoy the ride. When it stops you will have adequate warnings and you may safely get off the train and wait until it starts chugging again to a next higher destination.

Apr 30 09:30 PM

[sr9web:]

I agree. you need 3days with+volume


On Apr 30 03:09 PM Khaleel wrote:

> I completely agree 'Speeddaimon'. A 'Fasle Break-out' of the Price
> Line is very common only to see it retrace back below resistance
> and make its way South! I am no expert either but I believe 3 consecutive
> days with increasing volume which is pivotal provides more supportive
> evidence of a 'Breakout.'

May 01 12:40 AM