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Is The S&P 500 Ready To Soon Make New Highs For 2011?

|Includes: SPDR S&P 500 Trust ETF (SPY)
That's the question many investors are asking themselves as we sit somewhere between resistance ($1345) and support ($1300).  Last Thursday's test of the $1300 area and subsequent bounce with follow-through on Friday may have been a the signal we needed to go long again – note the bullish candlestick on Thursday's trading session.  In my opinion it won't be wise however to bet the farm at this late-cyclical stage and given that earnings announcements will bombard traders and investors with fury for the next few weeks.  At TheSteadyTrader.com we will guide subscribers through the earnings season by taking calculated trades as the opportunity arises, and should a trend in either direction re-emerge we will massage core holdings accordingly.  That's how we roll, have a look!S&P 500 Daily Chart