Monday, November 26, 2012

S&P 500 close November 26

So I am officially yellow on the market right now.  I am use to getting conflicting messages and making decisions but with today's market I do not mind being in cash.  With a retest of 1400 twice and the market moving higher toward the end of the day, I would normally be bullish if the larger market was not in a different pattern.  The short term has us overbought, the long term technicals still hinting lower and the bond market actually moved up in price (down in yield) which all says bearish.  Technically we are above the psychological 1400 but below the 1410 level that acted as support in early November. If we move with determination one way or the other tomorrow I will favor that side of the market.  Should be interesting

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