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Lawrence G. McMillan

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Sept. 12, 2019, 10:18 a.m. EDT

Don’t stand in the way of this bull market in stocks

The bulls are in charge as long as the S&P 500 remains above 2940 and the VIX remains below 17

By Lawrence G. McMillan, MarketWatch


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On Sept. 5, the S&P 500 index decisively broke out over the previous heavy resistance area at 2940. Not only did it break out, but it gapped higher, leaving a gap on the chart from roughly 2940 to 2960. Meaningless gaps are often filled quickly, but those that last longer indicate a stronger market at work. That could well be the case here.

This week, the S&P /zigman2/quotes/210599714/realtime SPX -0.39% traded in a narrow range between 2960 and 2990, before breaking out over 3000. The all-time highs at 3028 are clearly in sight now. In theory, that represents the only resistance area on the chart currently.

/zigman2/quotes/210599714/realtime
US : S&P US
2,986.20
-11.75 -0.39%
Volume: 1.99B
Oct. 18, 2019 5:08p
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