CHICAGO, Jan. 25, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "MacktheKnife".
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The Trend Is Your Friend (Until the End)
January 25, 2011 - RELATED TICKERS: Standard & Poor's (S&P) 500 (NYSE: SPX),
The Standard & Poor's (S&P) 500 (NYSE: SPX) has moved from a closing level of 1,047.22 on Aug 26 to a closing level of 1,283.35 on Friday, with its steady progress impeded by neither a consolidation nor a correction along the way.
In association with this major move, the S&P 500's extreme readings ranged from the 1,039.70 reached intraday on Aug 27 to the 1,296.06 reached intraday last Tuesday. I believe there is an intermediate probability the latter value may represent the high-water mark for SPX this month. And I think there is a high probability the index may soon experience either a consolidation or a correction for the first time since last summer.
Assuming 1,296.06 proves to be a short-term top and drawing on the definitions of terms expressed in Lions, and Tigers, and Bears! Oh, My!, I thus would consider an S&P 500 level of 1,231.26 the signifier of a consolidation and an SPX level of 1,166.45 the signifier of a correction. All things considered, the former potential event appears more likely to occur than does the latter.
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