Labor Day Top?

07/27/2009 10:23 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
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Since July 14th, when the A/D analysis turned around (see chart), the rally in stocks has been relentless, and with many portfolio managers and investors still on the sidelines, a further buying frenzy is possible. A move above the S&P's 38% resistance just above 1000 would signal a move to the 1120 area, where the Fibonacci fan, arc, retracement, and parallel trend line all converge in early September.

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