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.