Wednesday, February 09, 2011

New weekly high on S&P 500 $SPX

P/E multiple expansion, cheap money via QE, bullish psychology & social mood...whatever it is that's driving the market, US stocks continue to climb higher.

Today the SPX is down a bit midday, but as you can see from the weekly chart posted above, we're seeing a fresh weekly high in the S&P 500 as the index moves above its August 2008 resistance at the 1313 level.

Your take on the continued bullish action?