Running Its Course

We see evidence that the current internal corrective consolidation has run its course and the market may be coming close to an upside resolution and resumption of the cyclical uptrend. The major indices have shown some surprising resiliency in the face of some bearish technical erosion since February. We would have expected a deeper corrective pullback to develop, but the bullish resiliency is a message in itself.

The market has digested the gains and worked off the excess of the prior rally. The uptrend channel has held, and the market is trying to find a bullish catalyst for an upside resolution while at the same time it ignores bearish news emerging from Europe and elsewhere. The technical evidence suggests that the internal weakness may have exhausted itself and the market could be ready to move higher in a broad based manner once again....587 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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