Monday, January 21, 2013

S&P close to major Res

Just like with the Dow Jones, the S&P 500 is riding the 8 day moving average. We closed Friday at the yearly Camarilla H3 pivot at 1485. The S&P 500 is now getting close to major resistance area on the charts. Above is the Monthly R3 pivot at 1501.50 and the Yearly R1 is at 1512-14(depending on the data source). Demark is calling for a top at 1492. We have a major Bradley turn date coming up at the end of the month(1/29). I feel we have 15-30 more points to go before we see a correction/pull back start in February. If we pull back hard this week then we may explode higher in February.