Monday, November 14, 2011

S&P 500 ~ EOD Update ~ 14 November 2011

It looks like the SPX is forming a triangle:

Once we break out of the triangle we should get a big move. I tend to a breakout to the upside because triangles tend to be continuation patterns and, as said earlier, end of year is usually bullish. A break above last week's high should lead to a rally to 1310ish or maybe even higher back to the yearly highs.
A break below 1220-30 should lead to the next support level at 1190ish.