Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
On Tuesday, topping 2900 looked like a climb too high for the S&P, but let's see what the indicators say.
Just like the world's tallest mountains, the S&P 500 can seem to run out of oxygen at the top -- and over 29,000 felt Tuesday like a trip too high -- but there's still room to breathe.
The market's behavior in recent days is catching many players off guard.
Sure, there is resistance overhead, the small caps and banks are lagging, and the equity put/call ratio fell to 51% on Friday, but it still looks like the pullbacks will lead to another rally.
Despite the S&P 500’s rally off Monday’s low, my Oscillator shows we won’t be overbought for another week or so.
The oversold market and bearish sentiment brought us a rally -- let's see how it fared and catch up on Monday's action.
Two hundred trading days ago was mid-August 2018, so we're now in the same position we were last fall.
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