S&P 500 – Weekly Chart
courtesy of Fusion Analytics Investment Partners
As seen in the chart above the S&P 500 is retesting its highs from last week near 1,150. Given this is the first attempt at overtaking 1,151 and the index has to come up over 10% just to get there we are expecting some sort of pullback at least in the short run.
As long as the index stays above its recent pivot lows and uptrend near 1,045 the long running recovery rally is still in place. Should the S&P 500 defy logic here and blow through the 1,151 area without any pause then the secondary upside target is the 1,200 region.
Kevin Lane is one of the founding partners of Fusion Analytics, and is the firm’s director of Quantitative Research. He is the main architect for developing their proprietary stock selection models and trading algorithms. Mr. Lane is a member of the Market Technicians Association.
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