sp'60min
sp'daily5
Summary
So, we're set to open somewhat lower, but its nothing significant, and anyone chasing it lower this morning is likely to get burnt within a day, if not hours.
There are plenty of things that the clown network TV might get hysterical in the early part of this week. We have 'cyber Monday' (online retail sales), the Bernanke speaks over Tuesday breakfast, and the Fed 'beige book' on Wednesday afternoon.
I suppose we could pull back, and be on the slide into Tuesday morning, maybe even a re-test of the 200 day MA @ 1383. Regardless, last weeks action is very suggestive we'll rally at least another 1% or so, which would get us to my primary target.
My best guess...we hit sp'1425 this Thursday, and then see a sharp intra-day reversal.
I am content to wait until 1425 later this week, before I start hitting buttons.
Good wishes for the trading week ahead!