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Needs follow through

Posted by Dan on January 16, 2012

The market is gradually breaking out to the upside.
Now we should look for follow through in the coming weeks.

Here is the current chart for S&P 500 Index (click for larger image):

S&P

The market has climbed just above the recent October highs, but seems to be hesitating at those levels.
The current lunar Green Period should allow it to go even higher in the next weeks, at least up to 1310 or even 1350, where stronger resistance would be met.
Any failure to break above 1300 would probably indicate a failed breakout, and then we have to be very careful.
I would keep a stop-loss near the 1230 level.

Good luck, Danny

5 Responses to “Needs follow through”

  1. The arrival on Thursday of a solar CME may bring a rather halting effect on sensitive risk-averse dispositions?

  2. vickv said

    Danny, good MLK DAY of what ever the day left. i believe you write from UK SO it must be night for you while i am writing.

    you had mentioned that soon you will be coming out with yearly forecast; have you had chance to work on it????

    please let me know when you can, and as always thanks for your great insight,

    vickv

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