Can Buyers Keep The Stock Party Going?

I hope you all had a good weekend. I had my first professional BBQ competition of the year, and while it rained most of the time we had a good time and were pleased with the results.

The equity market has not been laying off the gas pedal lately and we find ourselves back at a level of possible resistance. On April 12th I tweeted about this level of resistance, which held up for a quick 55+ point drop in the S&P 500 ($SPX) before the up trend continued. This is the topic of my TraderPlanet piece for this week.

Here’s a blurb:

The S&P 500 has been enjoying a nice uptrend for the last six months, with small healthy pullbacks.

There are various ways for us to monitor trend, I recently wrote on my blog about simple trend lines and support levels – discussing that technical analysis doesn’t have to be difficult.

A great tool for monitoring support and resistance in a trending market is Andrews’ Pitchfork. This tool looks at the channel of a trend, built around three price points that create the ‘pitchfork.’

Now go read the rest.

Source: Can Buyers Keep The Stock Party Going? (TraderPlanet)

Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.

About Andrew Thrasher, CMT

Andrew Thrasher, CMT is a Portfolio Manager for Financial Enhancement Group, LLC, an asset management firm in Central Indiana and founder of Thrasher Analytics, an independent financial market research firm. He specializes in technical analysis as well as macro economic developments.

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