• S and P 500 Market Analysis 11-30-12

Pre-market update (updated 7am eastern):

  • Europe is trading 0.3% higher.
  • Asian markets traded 0.6% higher. 
  • US futures are flat ahead of the open.

Economic reports due out (all times are eastern): Personal Income and Outlays (8:30am), Chicago PMI (9:45am), Farm Prices (3pm)

Technical Outlook (SPX):

  • A strong push through resistance at 1404-1410 yesterday, and does a great job at defining the direction of this market. 
  • Note the support at the 8-day exponential moving average for this market. Rising support is currently at 1401. 
  • SPX has finished higher seven out of the last 9 trading sessions. 
  • Next level of resistance rests at 1437. 
  • SPX has rendezvous with the 50-day moving average overhead. Previous underside tests, has resulted in firm resistance. 
  • Volume has been very average and consistent throughout this week for the market. 
  • Short-term, SPX remains oversold. 
  • Fiscal Cliff discussions continues to dominate the news. 
  • SharePlanner Reversal Indicator shows a strong possibility for a Santa Rally
  • SPX currently has recaptured the 10, 20, and 200-day moving averages. 
  • VIX dropped to 15. 

My Opinions & Trades:

Chart for SPX:

S and P 500 Market Analysis 11-30-12

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