20/12/2014

SP500, my view. All the charts are below.

First SP500 is the market leader in the world. It is traded 22 hours a day. Whatever happens during the day affects this index. The biggest moves use to happen from 08:00 - 22:00.

The week ended with an all time high but the last 30 min it fell and closed below the high which was a double top close on the 30 min chart. The choose SP has now is to make a new wave on upside or stay in the top area. There is only one week left of 2014, the Christmas Week. Then comes Jan 2 which is on a Friday and Jan 5 every one is back. We now got 2080,27 as an intra day high and the close was 2071,52. The all time high close is still 2074:34.

Having seen the X-mas week since 1984 and the fact that 2100 is an extremely strong resistance line, comparable with 1.300, 800 and 500, and the high now is only 20 points away we are at a very very important cross road. Yes a foot above 2100 is acceptable but a daily, weekly and monthly close above shows enormous strength in my view and I cannot see that on technical and fundamentals grounds. These facts will follow us until the end of Jan 2015.

During X-mas week the preparation of the first market day 2015 is being done by the big players to start in the beginning of Jan.


No comments:

Post a Comment