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S&P 500 Mid Month Review

by David G. Hawkins

The chart here is the intermediate term weekly bars chart.  In my mid December post (QV), I said that an overal uptrend was emerging from the fog, mainly because the chart was showing a higher high and a higher low.  Now we see that the market has come right up to the previous high, amidst a cluster of resistances.  So far, it has closed above “Left R1″ and Monthly R2.  It poked above the horizontal resistance marking the previous high, but retreated to close below it.  Not far above is Monthly R1.  So, I would say that price needs to break out above this cluster of resistance and close above Monthly R1 before we can be sure that an uptrend is still in progress.