Hitting the roof again..
After some signs of weakness last week, the indexes are having their Christmas rally. This short term move is probably about exhausted as we hit the upward curving trendline again. But so far any confirmation of an end to the slow grind upward is not evident...
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Comment by Steven Vincent on December 22, 2009 at 7:33pm
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On the other hand, the COMP/NDX has broken out to the upside of its consolidation flag and the breakout has held for 2 days. RUT has also broken out. Those sectors are now leading again to the upside, a positive sign. The dollar is due for a breather and some strong selling in USD could be additional fuel for an SPX breakout above 1118. Keep in mind that a lengthy consoldiation (3 months) a lot of energy is built up that when released leads to a strong rally. DAX and other foreign markets have also already broken out.
Your curve certainly has been holding the line so far though!
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