SP500 technicals – from M Krauss - $SPY $SPX

·         Mr Krauss - Sees a new 1169.84 bull market high. Next MT resistance at the 1168 Feb channel high (watch close), and 1177 Jan-Feb Head and Shoulders bottom obj. On Wed, both NYSE Comp and DJIA confirmed these new 2010 highs intraday. That is healthy from a Dow Theory standpoint. Next macro resistance for 2010: 1200 July ‘08 low/break, 1229 Oct ‘07 61.8% retrace, and 1240 ‘08-’09 Head and Shoulders bottom obj. Latter is viewed as a ceiling. Follows Mon’s 1141 upside reversal day. MT support rests at the 1135 Mar 9 low, 1128 Feb channel low, and 1126 Mar 3 high. Short term measures are overbought. Big picture, the NYSE cumulative A-D line continues to score new cycle highs, almost daily. Cyclical bull markets tend to top months after this indicator peaks. Won’t preclude corrections.