Uptrend

The reversal and 60 point ride off the bottom from SPX 1738 to 1798 in the last four trading sessions has been quite impressive. Start of a new trend? Not so fast, let’s look at the chart below. Since November of 2012 the SPX has been on a steady uptrend. We see peaks 1, 2 and 3 forming an upper trendline as the advance continued and a break of that line to the upside during October, 2013. Further we see a retest of the upper trendline during December, 2013 acting as support; accompanied by ...