Friday, November 16, 2012

S&P 500 close Friday November 16

Pretty nice bounce after retesting 1350 twice early in the day.  Support and resistance are now 1350 and 1375 with 1382 being the top of the bearish range.  Short term the market is showing a little strength but the longer term actually looks worse even with the pop today.  The aggregate move Monday/Tuesday will go a long way in determining the week next week.  The VIX is probably the most interesting sinking strongly down to 16.41 which suggests everyone is ok with what is happening.

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