As the S&P 500 has gradually moved higher since July 15, I have been feeling some concerns that we might actually see one last thrust down before the longer-term downtrend may be considered complete. I considered a few different techniques and perspectives before settling on the 1305-1315 area as my primary target to the upside.
The S&P 500 closed today at 1305.32, but I do not see any of the technical factors that might signal to me an end to the recent uptrend. It is entirely possible that the 1305-1315 area will prove to be a significant point of resistance, we will have to wait and see how things unfold. Nevertheless, the way that we rallied into this area of potential resistance suggests that the market will continue its uptrend and head even higher.
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