Saturday, November 24, 2012

S&P 500 close 11/23

So this is the worst part about being a bear: big price moves on very low volume days.  S&P 500 closed at 1409 so above the resistance level of 1400 and definitely out of its technical ranges for a bear move.  However, the charts still say we move lower, and with the low volume (over the three days) the move up is not technically that strong.  I think we definitely retest 1400 and probably 1375 pretty quickly.  After that we either bounce off 1375 and start the Santa rally or we'll be staring at 1350. 

No comments:

Post a Comment