Tuesday, November 22, 2011

Snoozer

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Looks like a lot of people took off early for the holiday based on the action today.  It's been a bit of a snoozer.  I thought 'they'd' run the S&P 500 up back to test the simple 50 day moving average up there at 1206, at least for amusement purposes, but that move up petered out very early this morning.  Instead, we are now testing yesterday's lows and the 50% retracement level of the entire October - early November move.... again.



If these levels break down, it just is not a very good picture for those of a bullish persuasion.

The only real news today is Q3 GDP dropped a bit on it's latest revision: from 2.5% to 2.0%.

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