The cash S&P500 bided its time yesterday by forming an “inside” price bar. As there was no follow through from Monday we failed to confirm the break above the TD Supply Line. Odds favor the view that a short-term price pulse high was made Monday and that risk is to the downside until December 2. The positive reversal in the RSI has an open upward price projection of 1114.46. I will be watching closely to see whether it gets filled or not because a failure would have longer-term bearish implications.Bottom Line: Still neutral but willing to consider a short-term long position if we do in fact pullback into next week. Otherwise I am willing to consider turning bullish on a close above the November 16 high.
I don’t plan on posting over the holiday weekend (Thanksgiving in U.S.). Next post on Monday morning. Cheers.
*NEW* Technical Analysis of Chart positions for longer-term positions:
Dollar Index: Long from 75.32; stop 74.67 (weekly chart on perfected buy setup). Time is running out for this market to move; stops tightened.
World Gold Index: Yesterday’s price action negates the view presented yesterday.
Waiting for initial signals on the following charts: 10 yr Bond Yield,
Cash SP500 and the CRB Index.
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