S&P 500 close 1/4

Not the move I was hoping for, but not completely out of the question.  The market finished higher today by 7 points putting it above the high for 2012.  The momentum for the long term is good but short term is getting a little weaker.  I am still hopeful for a small correction so that I can purchase this market.  We are technically way overbought having the top of the value range at about 1439.  Again anything below 1450 would be ideal.  I do not mind waiting.  One of the cardinal rules of technicians is do not chase the market.

S&P 500 close 1/3

A little retreat for the markets today but nothing substantial and nothing significant enough to put some money at work.  Still looking for a better entry point and hope to see one soon. Long term momentum is still improving but short term momentum looks to be topping out.  We are way above the value zone with the top of the zone being 1432.  I doubt I will see that number but something under 1450 would be nice.

S&P 500 close 1/2

What a difference 36 hours makes.  So we have a least a temporary solution to the cliff and the markets went on a tear.  The S&P 500 closed up 36 to finish at 1462,  just 3 points shy of the 2012 high. We have moved significantly in a very short period of time.  We are definitely green on the market indicator but I am going to hold back on the investment indicator until we get some sort of profit taking retrace.  However, once we break above 1462, we could really be off to the races.  Long term momentum has moved up strongly and the short term is also up.  However, I am going to wait for a correction and then get in.

S&P 500 close 12/31

Seemlingly tragedy has been averted.  The framework for a deal has been laid out and the stock market rallied as rumors spread about the possibility even though the market closed without a deal in place.  Let's give it 36 hours to see some details and let the market digest the specifics.  It still has to be voted on and that could still get interesting.  The move today reversed the downturn in long term momentum indicator.  But it may take some follow up to maintain.  Still watching...

S&P 500 close 12/28

Another day another test of nerves for the market.  We started lower from the start, manage to stay above the 1410 convection area for most of the day and then dipped sharply lower at the close to finish at 1402.  Anything under 1400 and this gets ugly fast.  Ominous bad sign the long term momentum indicator is now headed lower.  But given that lawmakers are back on Sunday to take once last swing at this, this may be what the edge of the cliff looks like for the market.  Here that Washington, that the sound of America's collectively holding its breath.

S&P 500 close 12/27

A lot of political drama and a wild ride by the markets today saw us finish basically where we started.  I would not trust too many moves by the market because news either way is going to lead to a knee jerk reaction.  Still sitting on the sidelines until they figure this out.

S&P 500 close 12/26

Market pushed lower today as Congress heads back to work tomorrow to try and come to an agreement before the new year.  Everyone will be probably be tuned in to any little sound bite that could provide some guidance on whether a deal will be in done in time.  Short term we are weakening with the long end still improving.  We have now retouched that weekly support line once again and anything below 1420 is really not a great technical signal with the head and shoulders back in play.