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.