December Bull Bias Ended Friday
The stats were strongly with the bulls last week but that ended on Friday. The historical stats this week are neutral today, tomorrow and Friday, strongly bearish on Wednesday, and the markets are closed of course on Thursday. (SPX) needs a retracement to set up a decent rising support trendlineand we should see that this week before SPX makes the first run at 2100. SPX daily 5 DMA chart:
Click on picture to enlarge
How far will SPX retrace? Not that far I suspect, though I do have a couple of options that make a retracement to the 2040-60 area a possibility. SPX 60min chart:
Click on picture to enlarge
I’m writing this on my iPad at a restaurant using a new bluetooth keyboard, though I did the charts earlier as it seems that Stockcharts are never going to release an iPad app. I’m going to try to post every trading day this week but I have guests so I may not manage it every day.
This blog is not, and have never been, investment advice. It is a place that allows me to express my own views on the market and specific securities – as well as make whatever cultural ...
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