S&P500 Short-Term Update
By Alexander Nikolov
posted 20:00 01/02/12
| General Stocks
 
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S&P500: 1257.91

Short-Term Trend: sideways

Outlook:

One week ago I favored a long position if the 1267 level was taken out. That happened, but there was no follow through higher. Still, there is a chance that the index will rally in the first week of 2012 and will confirm the bullish breakout. A rally abv 1290/1300 is needed to confirm the presented wave count on the chart above. If however, the index fails below 1230, a faster move down may develop from the faile move up. The confidence is not big, but I slightly favor the bullish case as indicated in our strategy below.

Strategy: Holding long from 1267 is favored. Stop=below 1230. Target=1400.

 
 
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