Off the Charts

The S&P 500 is on pace for the best two-month start to a year since 1991. The market is experiencing some profit-taking as the Dow Jones Industrial Average hit 13,000 yesterday, and the S&P pared gains in front of 2011 highs. The accelerated uptrend continues to hold as dip buyers continue to come into this market on any sign of weakness. The 10-day moving average has been holding this market, which stands at 1352. This market is digesting as it holds above 1350 to 1353. The longer this market holds above resistance and goes sideways, the better the chances that it will successfully break above last year's high of 1370. Continue managing positions and staying with the trend, until composure changes (if that even happens).

SPY Source: eSignal View Chart » View in New Window »

There are a lot of tight patterns forming in stocks across the board. Tight patterns are good because when they resolve the move tends to be more explosive....660 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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