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Tuesday, December 20, 2011

Wednesday

Expecting 1205 - 1240 till after Christmas


Take notice of the 20 and the 50 DMA near 1222 and 1227.
200 DMA is at the big orange trend line.
Also there is a large wedge developing form the October low.  The red upward fork draws the bottom.

If it breaks out we may see 1290 - 1300 one more time.  1300 is a 0.786 Fibonacci retrace level.
But the bottom of this wedge needs to hold or the Bears will take it away.

In conclusion the major trend remains down and there are strong forces in both directions containing the market.  



Strong lines containing market movement


1222 support. Watch the yellow fork for guidance
As predicted on Monday...  target has been hit.  At resistance.

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