Market Trend Is Positive

01/13/2010 9:50 am EST


Thomas Aspray

, Professional Trader & Analyst

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Despite Tuesday's sharp setback, the number of stocks making new highs on the NYSE has reached its own new high Monday at 496, confirming prices. The NYSE Composite is just coming back into its breakout level. The NYSE A/D line also shows a pattern of higher highs. Next good support for the S&P 500 is at 1110-1120 with key support in the 1080 area. The market internals suggest that the correction may only last a few more days.

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