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Pastimes : The Philosophical Porch

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From: Rarebird	1/6/2006 10:18:00 AM
	of 26251

The S@P is at a very crucial juncture here: it gapped up this morning well above major resistance to the 1282 level. It then proceeded to come back down and backtest the old resistance at 1276. That is quite positive, technically speaking. If this gap up to new 52 week highs is for real and an indication of the true breakout I've been expecting, then the S@P should resume its advance right here and now and close the session at or near its highs. The alternate is a bearish gap and crap. I've seen this pattern countless times before and it is usually quite bullish when a major uptrend is in place.

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