Happy New Year!

Well, its 2013, and the US has gone over the infamous fiscal cliff - despite so many 'experts' claiming this would never happen. A very patchy deal is still being attempted, but that will have to be put to a vote in both the senate and the house. No one yet knows when such votes will be called, but it could be before this week concludes.


Lets take a brief look at how the SP'500 closed 2012

sp'monthly3 - rainbow

Summary

I'll post more on the monthly charts over the weekend, but suffice to say, the big monthly index charts are still warning of trouble, with blue candles for December.

Once again, we failed to get a monthly close under the 10MA, although we were just 2pts away from 1396 early this morning. Ahh well, maybe in January?

Clearly, the key level for the bears is now the recent high of sp'1448. A few daily closes over that, and the bigger picture will flip to outright bullish.

I'm holding to my original outlook though, and so long as we level out <1448, things are still on track.

Goodnight from London
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*I'll probably post something on Tuesday, not sure on what though.