By Lawrence G. McMillan
The Standard &Poor’s 500 Index traded right up to its recent highs today, continuing the rally that began in early June. However, for the most part, the rally has been accompanied by doubt from many areas of the investing community. As a result, by contrarian thinking, this market should have more room to go on the upside.
The S&P 500 touched 1,375 today and closed within a point of the early July closing high. The chart of SPX is in an uptrend, with a series of higher highs and higher lows in place (see chart, below). There is support in the 1,330-1,340 area, which has held quite well (although there was a probe down to 1,325) late last week. It appears that 1,375 will be overcome, in which case eventual resistance at 1,400 would be the next upside test...
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