12/19/2014

Wednesday saw a small net decline in US indices which, frankly, seems appropriate. The previous high on the hourly S&P chart was at around 1826.50, and the close was only about two points above it. If this gets broken, we can at least expect 1815 as another support. In the other direction, before this move down, the hourly floored a few times around 1835, so I think this can be treated as a resistance to break in order to entertain bullish thoughts again. Of course, we have been seeing resistance at 1840, and Wednesday saw an attempt at 1850 but stopped 2.5 points below it.

The weekly upper Bollinger band is getting yanked down a bit now - thoughts of a double top are entering my mind.

Interesting developments - looking forward to Thursday.

S&P 500 Hourly Chart

S&P 500 Weekly Chart