Monday, November 28, 2011

S&P 500 ~ EOD Update ~ 28 November 2011

As mentioned last week my target for wave [iii] was 1153-58 which we (almost) hit on Friday (1158.66). From there we got a huge bounce:

The market already hit my preferred target for this fourth wave today (1195ish). But if we break today's high we could even see 1210ish. As you can see I think that this bounce will be short-lived and probably only last a couple of days.

Resistances are at today's high, 1210ish, 1215ish, and around 1230. If the market moves above 1215 and especially above 1230 you might better cover your shorts as we still could see my much-anticipated eoy rally... However, as long as we stay below it, bears should be safe and can await the next push lower.