SPX Approaches Yearly Target High for 2013 at 1578.44

MONTPELIER, Vt. - April 1, 2013 - PRLog -- Montpelier, VT - “Stocks are approaching their potential 2013 yearly high at 1578.44 in the SPX®,” says Bill Basa, President and Chief Technical Strategist at Global Market Research, Inc.  “Our methodology is designed to extrapolate differing rates of price progression in any market time frame.  1578.44 is the main projected high for 2013.   Making the current level even more significant is that the equivalent measure capped the market in both 2011 and 2012, with the actual price high for each of those years just at or below the projected levels (1356/1394 in 2011; 1478 in 2012).”

“Although there are anecdotal signs of other risk indicators - relative strength, peaking volume in penny stock activity – also coincident with a significant high in SPX®, only this measure translates into a clear price target level at 1578.44.   Though still too early to make assessments, the initial projected downside targets on a pullback are 1518/1509 in April and 1473 for 2Q."