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[video] Quick Take: Bulls Beating Bears

Stocks in this article: SPY

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Weiss said it has been 254 days since the market originally made its upside reversal in mid-December of last year.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.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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