Thursday, December 13, 2012
S&P 500 close 12/13
So we failed to breakout above 1430 and pushed lower to close at 1419. Tomorrow becomes important because of the weekly close level. If we close sideways we move back into the weekly head and shoulders pattern. However, if we move up toward 1430 the likelihood of the pattern becomes considerably less. Although one day/week is not going to make or break any large move. Nonetheless, the clock is ticking on the market. For those who want to see how the market fights over an important technical level, look at the first hour of trading today. If you can look at a minute chart and you will see the bulls and bears trying to fight for control.