By Lawrence G. McMillan, MarketWatch
The stock market continues its upward march, having now overcome resistance for the S&P 500 index at 3280 and trading at new relative highs for this post-March rally.
On Aug. 5, the S&P /zigman2/quotes/210599714/realtime SPX -1.16% closed the huge gap left on the chart by the massive breakdown on Feb. 24 that started the bear market. That gap was closed when the index traded above 3330. The only remaining resistance, then, is the all-time highs at 3395. That is the next stop, and considering that the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.13% made new all-time highs some time ago, and that certain of our indicators (cumulative breadth, in particular — see the Market Insight section) are also at new all-time highs, it seems quite likely that SPX will achieve that milestone also.