SPX update

The SPX is about to make a top around the 1270 level although we need an intraday high of 1274 to complete this sequence as that will trigger the 13 daily. At the same time its a crucial resistance level and a pullback to 1200 1230 is a highly probability scenario but it could even become much more but some indicators on the sentiment side rather limit the downside for now as yesterday we had a 50 ISE ( that is the amout of calls relative to 100 puts) – hence heavy Put buying activity, which is as a contrarian indicator a driving part of todays upside. After such a big announcement this week rather closes in the typical short covering mode. Later with the payroll numbers we can expect a pullback initially ( hourly charts suggest that) but a stronger close or at least unchanged before next week we rather dive after reaching this 1270 level as a mandatory target for a substantial pullback. I will update as soon as we get those moves realized and the upcoming negative astro patterns in Dec should rather drag markets down but there will be a big effort yo do serious upside manipulation for window dressing purposes.

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~ by behindthematrix on December 2, 2011.

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