Monday, December 24, 2012

12/24/12 - EOD Update

The direction is unclear and the 5 and 60 min charts below show that either the bulls or the bears can launch a third wave in either direction.

The bears managed to close the market just a tad under the 13 day EMA, however, the bulls were able to defend the 20 day.

Will the market surprise by the end of the year? If I had to choose,  I would give the bulls a slight edge.

We must take into consideration how well the market has held up knowing there is no fiscal deal on the table. The only room for surprise at moment would be that some form of deal is made before year end and hence surprise to the upside.

As always we shall see.


5 Min 

60 Min 

Daily

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