S&P 500 Index: Can The Bulls Pull Through This Resistance?

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S&P 500 Index: Can The Bulls Pull Through This Resistance?

By Justin DiPietro on April 13, 2009 | More Posts By Justin DiPietro | Author's Website

Taking a look at the S&P 500 (^GSPC), you can see that we are gaining ground on a rather strong looking uptrend. We have had two significantly health pullbacks since the March bottom. We are now approaching the moment of truth resistance at around 877.

If we are able to break through this resistance, we will not encounter new resistance until the 950 level and then 1000. This could be the recovery that Wall Street so desperately needs. However, if this resistance holds we are looking at possibly returning to the March lows.

Disclaimer: The author holds far out of the money puts on SPX.

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