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Higher Highs, Higher Lows Encourage Technicians

Bob Pisani is off; this post was written by CNBC producer Robert Hum.

The S&P 500 took another leg higher as it passed above its recent August high of 1,218.

It has now turned positivefor the month, and if these levels hold at the end of the day, the index will close at its highest level since August 3.

Since the markets tumbled to their lows in early August, the markets have been volatile, seesawing back and forth over the past 1.5 months.

But there’s an encouraging sign for technicians: despite the overhanging concerns surrounding Greece and Europe, higher highs and higher lows have been made.

Lows:

August 8 closing low: 1,119.46

August 19 closing low: 1,123.53

September 9 closing low: 1,154.23

Highs:

August 15 closing high: 1,204.49

August 31 closing high: 1,218.89

Today’s intraday high: 1,220.39

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