Tuesday Nov 27 2012
This weekend and for that matter last week we recommended holding off buying. We suspected another low would occur at the end of this month. That pullback started yesterday.
A writer at Forbes likes GM, I guess that makes two of us in the entire USA.
SPX 150 MA
The Percent above 150 day MA has been making a series of higher lows since the low in June. It needs to continue this pattern. I drew a potential support resistance line across the rops from July. But it could fall back to the 50% level and stilll telegraph a bullish pattern.
SPX Two Hour
We suggested the two hour chart was a bit overdone, note the FIB scale in the center. I spotted the first negative news on the Fiscal Cliff Monday Morning, more of that should hasten the pullback.
For now, let's watch the action.
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