Thursday, November 8, 2012

is there still hope for a Holiday rally?

4 years ago, the day after Obama won the election, the market fell 5%. Yesterday was pretty ugly! We broke through the 200 day(white line) and came back down to the Camarilla yearly H3 pivot point. The monthly S1 pivot and the 50 weekly moving average(green line's) are the next support zone 12800ish. Resistance is now at the 200 day above at 13k-13050. There still is hope that we can bounce off the weekly 50 and and fill some gaps above at 13300 in the coming weeks. The high of this year now looks like it is in at 1475 on the S&P and 13700 on the Dow Jones.