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Not since Thanksgiving last year has the S&P 500 so clearly lined up in bullish territory,...

Not since Thanksgiving last year has the S&P 500 so clearly lined up in bullish territory, says MarketWatch's Lawrence McMillan. The index overcame severe resistance last Friday, and has since closed above that level for the last two days. In addition, the Total put-call ratio has registered heavy put buying as of late, a pessimistic sign that contrarians widely view as bullish. So, keep an eye on market breadth over the next few weeks, and we'll see if the recent bounce keeps its legs.
Comments (5)
  • sheeple2012
    , contributor
    Comments (203) | Send Message
     
    one word: lol
    18 Jun 2012, 07:23 PM Reply Like
  • Terry330
    , contributor
    Comments (870) | Send Message
     
    Credit strong leadership from White House, job growth.
    18 Jun 2012, 07:37 PM Reply Like
  • sheeple2012
    , contributor
    Comments (203) | Send Message
     
    Let me re-phrase that in response to your comment Terry: LOL
    18 Jun 2012, 08:00 PM Reply Like
  • nightfly
    , contributor
    Comments (1017) | Send Message
     
    I saw similar articles once the 200 MA was broken on the S&P a few weeks back which surely meant "more selling ahead". What did the market do? it reversed on a dime and here we are @ 1340.

     

    Can anyone say trading range bound? Down from here, with a bump around quarter end.
    18 Jun 2012, 09:47 PM Reply Like
  • winningtrader
    , contributor
    Comments (2476) | Send Message
     
    It depends on the FED. If they don't announce some sort of new QE program, this technical analysis will go down the tube.
    19 Jun 2012, 02:53 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
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