I offer S&P's near 858.50 today. It appears I just missed as high has been 857.75... 857 and 860.25 strong resistance today... Don't you just love S/R? Best wishes,
What about the Obama rally? Won't his drawing-room lefty supporters (Soros, et al) in the financial community want to engineer a rousing welcome from the markets?
Strong 13 momo count buy on 240m chart. Last time we had this set up was Oct 10th. We were much more oversold on Oct 10th, so this rebound will not last as long. Agreed that 870 is crucial.
I think the lows have been put in, for this leg down, and markets will rally for at least a week and possibly longer until the next CIT. Some have put this at February 9th. Why bullish now? Financials (UYG ultra financials) hit a new low yesterday - lower than Nov. Citi and BAC earnings are out, as is Intel. So, there will not be any bad earnings news for at least a month - possible early earnings warnings can come by end of February. Big 3 auto situation is on the backburner for now - they have enough cash for a few months. Then there is all this OBAMA hype and A trillion $ stimulus which will result in optimism, hope etc. However, after two or three weeks, markets will resume another leg down after people realize nothing much has changed and situation is still bad. ES can rally to about 960 or higher during next 2 to 3 weeks.