By Lawrence G. McMillan, MarketWatch
The S&P 500 index last made a new all-time high on Sept. 21, but in the last week it has had several strong opening rallies that seemed to have a chance to challenge those highs. In each case, however, a similar pattern developed: it opened higher, rallied for a little while, and then sold off in the afternoon, finishing with a slight uptick as the bulls refused to let the selling get out of hand.
This may not be a healthy pattern, as far as I’m concerned. Yet the S&P /zigman2/quotes/210599714/realtime SPX +0.24% chart remains bullish in that it is still in an uptrending channel, with higher highs and higher lows. A break of support would be required to change its status away from “bullish.”