Monday, February 6, 2012

Healthy consolidation

We had what i would call a healthy pause in the market today.  So far the high base consolidation is proving the market has the potential for more upside.  According to my charts, after (or if) we make a clean break of the 1345 level, it looks like the 1355 level will likely be the next resistance level.   I also have noticed that there is a spike in the S&P futures this evening; not sure yet if there is progress on the Greek debt situation or something else.  We still have the whole EU situation looming as well as the potential for Iran to cause uncertainty in the market as well.  Keeping an eye on the short term downside levels, but also pulled the chart down a little to keep the upside 1355 in view.

                                                                                                      click chart to view

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