Monday, December 17, 2012

Dec 17. SPX: Short-Term Bullish Picture Is Intact.

We have got a nice reversal today on the short-term P&F chart. The price is challenging resistance at 1430-1435 again. Also, pay attention that the last two columns of Os are the same length – 4 boxes each. We don’t see any increase in the selling pressure, otherwise the last column of Os would be longer. The bullish picture on this chart remains intact. The technical stop has moved up to 1410 (pink box).

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