Wednesday, December 19, 2012
S&P 500 close 12/19
Nice retrace today with the markets taking some profits off the table. The market opened at the high of the day and gradually moved lower. The close still puts it above the 1430 resistance level. The value zone is a little lower at about 1425, so we could trade down a little bit from here and still be ok. The start of bull markets are always pretty volatile and a retest of the previous resistance level is not out of the question. If we move a little lower, I will look to put in a long trade and will start documenting them on a new page. Long term the momentum is growing bullish, although still just south of breakeven. Short term saw a slight slide in momentum with today's profit taking.