S&P 500 Breaks to New Highs, Change in Technical Condition in 2 Market Days

February 1, 2011 Mark Hanna

Amazing what 2 solid back to back days can do for the technical condition of the market (S&P 500). From closing below the 20 day moving average (for the first time since November) Friday, to a break out over yearly highs Tuesday at noon. Unlike November, when a small technical break led to some weakness for a number of weeks; this time around it was not even a glancing blow.

Now the question returns, do we start a new “V-shaped” rally that has marked so many of the upside moves since March 2009? Long side traders can now play the market from the long side using S&P 1302 as their base…. it remains the remarkable, unshortable market.

About Mark Hanna 543 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

Follow Mark on Twitter @fundmyfund.

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S&P 500 Breaks to New Highs, Change in Technical Condition in 2 Market Days

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