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Even though the S&P 500 closed well below the month’s highs, the monthly momentum (RSI3) is still rising nicely and has moved above the December 2009 highs. It is also above its rising 13 WMA. This is positive for the intermediate-term trend, as is the fact that both the A/D line and the new highs have confirmed the recent market highs. There is next strong support in the 1150 area with resistance in the 1210-1220 area.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
