Market Update - 9/14/2009

Dow Jones Industrial Average: +21.39 or 0.22% at 9626.80

S&P 500 Index: +6.61 or 0.63% at 1049.34

NASDAQ Composite Index: +10.88 or 0.52% at 2091.78

NYSE Internals: 2007 Advance. 965 Decline.

We hit 1049.74 today, almost 1050. After looking at the charts again, I feel that 1100 is very possble.

There is not a lot of resistance after 1050, and given that we break 1050 soon, we have a clear path to 1100+ It also lines up with some key gap filles on SPY at 110.34.

Also the bearish harami candlestick pattern failed. Technology continue to be strong, Financials are starting to lead again, US Dollar is weak, volume is low, and the VIX is dead. This is why 1100 seems more likely now.