Doesn't take a rocket scientist to see where 'the buyer' is sitting almost every day for the past 2 weeks. Bears have no game until this level can be broken. We continue to sit in a range of low 1170s at the bottom and 1200 at the top; this is now a full 2 weeks in 'the range'. It continues to look like a head and shoulders formation with the right shoulder forming but the wildcard is all the data coming later this week - much of it with the potential to surprise to the upside.
In theory, the more times you test a level the more apt it is to finally break... but I've seen a lot of theories go out the window in the abnormal market of the past 2 years.
Gaps at S&P 1090 and 1110 continue to sit out there from nearly 3 months ago.
Monday, November 29, 2010
Persistent Buyer Shows Up on Each Test of the 50 Day Moving Average
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows