[video] Quick Take: Stock Bulls Beat Down Bears for 2014 Start
NEW YORK (TheStreet) -- All major U.S. indices returned more than 25% in 2013. TheStreet's Debra Borchardt and Jeff Weiss, chief market technician at Tejas Securities, discuss whether equity markets can continue to rise.
Weiss says he remains quite optimistic on equity markets despite the big move higher in 2013. He said Tuesday's session was the 285th trading day since the market's big reversal in late-2012.
He said the S&P 500 has pierced many long-term resistance trend lines and has held those levels as downside support.
Weiss also said that 1,815 is the first downside support level. Should it fail to hold, 1,765 should act as decent support.If the market can remain above those two levels, it can be considered to be bullish, he added. However, Weiss reminded investors that risk management is imperative for success in the markets, and that the game can change at any time. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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