The chart below is the S&P 500 and its 13 EMA, the indicator below the chart is the PPO which measures the difference between how far the S&P500 is extended from its 13 EMA. I have drawn a red line where the S&P500 starts running into resistance. The market is pretty close to resistance, but I say more upside is very very possible (I am expecting it). Note, not even QE3 in September was immune to this indicator, the markets pulled back hard then. For now the market has a bit more upside, but after that, according to this indicator a pullback will likely occur.
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