Saturday, February 4, 2012

Running of the Bulls

What a week it was!  There is no question the bulls are driving, the shorts are frying, and overall sentiment has become very positive.  This week saw manufacturing, confidence and employment data to back that up.  Can this trend continue?  One thing is for sure.  The market is always right.  Despite what we may ever think.  It is always best to make the observations and then lay out the possible scenarios.
Below is the S&P 500 daily chart.  We nailed the resistance level at 1345.  The major levels i marked are mostly to the upside (except two).  Not that the down side levels don't exist, but wanted to concentrate on the upside levels on this post.   I will post another chart showing downside support levels.

                                                                                          click chat to view

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