SUPPORT: 2205/04 2197/96 2193 2187 1277/75 2172 2162 2158/56 2152 2147/46
RESISTANCE: 2210 2214* 2220 2225 2243 2268 2289 2309 2323
Again ...we are grinding higher as we get nearer the 14th Dec...1 more week to go and we shall see where the market takes us....Now I know it is a difficult call when the market do look so strong....but there is still the buy the rumor ...sell the fact scenario going on...and I believe 2 things...1 is that the rate hike is already priced into the market...and if hiked...when will the next one be ?? If not for another year...Prices will fall....2...there wont be a rate hike...and the market will tank....because any credibility Yellen has will surely go put of the window....Also the stock markets are drastically overpriced with P/E ratios at nearly all time highs....so I think that the combined data we have will drive the price lower overall...Now obviously stock markets are not in a bear market...By nature stock markets are bullish which is why they make up such a large % of pension funds.....They are deemed " safe " in the long term....Its the short term corrections that kill...and please believe me when I say the stock markets are nervous.....Especially the US ones....Look at the Nasdaq....it id over 100 points off its ATH's...It is telling you something....The DJI is up there at ATH's...but it would be ....Its industrial....and Election was won ion promise to increase Industry across the US...so these 30 shares are holding up...because of the underlying natural demand for Industry.....The Nas being Technology is the forerunner of the US markets....and this is telling you a totally different story...The correction we are seeing in the Nas is making a bear flag....Bearish !!!!...so please if you are trading the S&P...look at the Nas....is it trading above 4825.....If not then it is going to trade lower....Resistance in S&P is at 2216 and again 2220 to 2225.
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