20/01/2012 Market review

I shorted the market last month around 200 day Moving average. It did not work.The gold bounced back from the lows, that was the good trade for the past period.

Below is the daily chart of sp. The market is going up since mid december without a decent pullback. First support is the green line ,20 day ma around 1275 and the major support is the yellow line, 200 day MA around 1257.

Looking to the weekly chart below, the  supports below 200 day MA are the 80 week MA(blue line) 1235 and the 20 week MA(green line) 1227.

To summarize, the current market is a wait and see for me. Looking at the price action,it seems that the market turbulance during the summer and early autumn was just a correction in the bull market and the market is quite likely to make new highs, but I just dont believe it, thus i dont bet on it.