The stock market closed a strong month of January, erasing some of the end of the year losses. Money flow has beeen positive lately as measured by the Tick index, some money managers were certainly forced at the end of the month to step back into the market. Internal momentum has been the opposite picture of the one we described during the fall. The cumulative advance/decline line has almost recovered up to the breaking point of late September, early October. The list of new highs/new lows is also painting a brighter picture. These elements are positive for the sustainibility of the recent upmove although some indicators are becoming a little bit streched. The S&P 500 has entered into the resistance area we mentionned several times in our previous comments and it will be interesting to observe, over the next few trading sessions, how prices will cope with this situation.