Thursday, November 29, 2012

S&P 500 close 11/29

Good move for the bulls with a close above 1410. We retested later in the day and finished at 1415. Expect a retest tomorrow and will need it to hold to become bullish. One cause for concern is momentum is slowing down to the upside. Need another close above 1410 to feel secure about going long. Long term charts are still a little weak so still concerned about a prolonged move.

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