Monday, November 23, 2009

Last week of Nov

The past 3 months, the S&P has gone down 3%, the last week of the month. Will the pattern stay the same this holiday week? We have a lot of economic data this week, that could move the market either way. Last week the Dow and S&P could not close above their weekly R1 pivot points(white line marked R1 at 1108), and pulled back to the weekly pivot(blue line marked P) by Friday. This week I'm looking for the open gaps at 1108 and 1070, as support and resistance on the S&P 500.