Wednesday, December 26, 2012

12/26/12 - EOD Update

The bears looked like they were trying to get something going today but the bulls tried to take another stand. It appears as tho the market is holding on to some slight hope of a last minute deal.

On Monday, I gave the bulls a slight edge, but at this moment its 50/50.

The bears now have a close below the 20 day SMA, however, it is very difficult to justify any impulse up or down so I'm looking for possibly one more little leg down within the wedge near the 1410 level.

Once that occurs, the red option is looking for a right shoulder to form on a wave (ii) red bounce for da bears. The bulls on the other hand will try to push this over 1450. We shall see.




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