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Saturday, December 24, 2011

Saturday

A more likely alternative fork
The market is back inside this consolidation range from a couple weeks ago.
What I'm watching for is a breakout above the red area.
If that should happen I would expect to find a target about the same width above that range at about 1290.

The risk of going long right now seems too great because we are close to the resistance.
But the Bulls should be looking for a strong move through the 1268 area for a target of 1290 +
The bears should be looking for topping shadows, to signal a crack and snap play to the 1220 support if the lower range is broken or the candlesticks give a sell signal.

Whether or not the wedges I recently pointed out are real, they are pointing to the areas around January 20 and February 20 as significant dates.   As they draw near we will have to remember to expect a reversal.
The last apex pin pointed 12/5 with perfect accuracy.

Currently the SPX daily candlesticks are long since confirmation of the hammer on 12/16 with no reversal patterns in sight.  .

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