Off the Charts

Markets are at new highs of the year and closed at multi-year highs. This morning, the market gapped up to new yearly highs on good retail sales numbers, and the positive tone remained constant throughout the whole session. The S&P 500 closed the day up 1.87%, its strongest session of the year. The bullish tone in the market really accelerated after the Federal Open-Market Committee meeting this afternoon on the announcement to keep interest rates low until at least 2014. 

All sectors closed with solid gains, and financials led the rally, especially after JPMorgan (JPM) announced that it has increased its quarterly dividend and authorized $15 billion for repurchasing stocks.

S&P 500 Daily eSignal View Chart » View in New Window »

Below is the monthly chart of the S&P to highlight resistance levels going forward, because the daily chart is becoming a little irrelevant as we continue to surge higher. The next resistance zone in the S&P is 1404-1440....529 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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