Tuesday, December 13, 2011

Still Holding On

The 'Battle of the 200 Day's' looked to potentially be resolved mid afternoon yesterday but a stick save late in the session pushed the S&P 500 back over the 200 day exponential moving average.  There was essentially a bounce off the 50 day moving average ...

Over at the DJIA things are actually looking more bullish and one could create a case for a 'bullish flag'.  You can see how the 200 day simple moving average has been support multiple times, and a perfect bottom yesterday.

The NASDAQ on the other hand has a similar situation to the S&P 500 - and perhaps a tad weaker.

This morning's modest gap up should provide some buffer for the S&P 500 and NASDAQ as we await the wisdom from our council of elders at the Fed.

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