[video] Quick Take: Bulls Beating Bears
NEW YORK (TheStreet) -- This year has unquestionably been one for the bulls. TheStreet's Debra Borchardt is breaking down what the future may hold with Jeff Weiss, chief technical analyst at Tejas Securities Group.
Weiss said it has been 254 days since the market originally made its upside reversal in mid-December of last year. Since then, bears have won a few battles, but bulls have dominated.
He added that the breakout was intact, pointing out that the S&P 500 has broken above its multiyear upper trend line. Not only has it broken above it, but it has also held as support on the recent mini-pullback, adding more ammunition to the bullish side. The broad market index, containing thousands of stocks, also confirms that the breakout is still OK.
Admittedly, the broader index has lagged the S&P 500, but if it can make several consecutive daily closes above its upper trend line, this would add a reasonably higher degree of confirmation for the upside, he added.
Just because the market has gone up a lot is not a reason to doubt its future potential, Weiss said, before concluding that "this is still a bull until the market -- and not the so-called experts -- tell me so."
-- Written by Bret Kenwell in Petoskey, Mich.
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