>S&P: Mission Accomplished!
>
As a follow up to my post on 3/12 “Relief Rally at Resistance,” the market has continued higher and we have now reached my second, and for the moment, final price target of between 790 and 810 on the S&P (see chart). At these levels the market is coming into significant resistance and I believe it would be healthy for the market to either both consolidate and rest for a bit, or even retrace a small portion of the move before we continue higher. This was a large and fast move off the lows and hopefully many of you were able to get in early and profit from it. I believe the most prudent course of action at this point is to take profits and not initiate new positions until the market shows us where it will go next and then we can trade it appropriately.
Also, follow the link below to the latest CNBC “Market Insider” blog where I am quoted under the “Getting Technical” header. I comment on yesterday’s Fed action, levels in the market, and note that tomorrow is quadruple witching, which could result in stocks not acting in their normal fashion.
Stay tuned to T3Live and stay strategic!
t3live 
>Nice Post and great timing – even though I was on the sidelines for the last bit of the rally I’m happy I took my profits when I did and avoided the sell off over the past few days.
jeffnolletti
March 30, 2009 at 9:06 pm