In the daily s&P chart below , you can see that market found support on 50 day MA and moved up during the past month.At the moment,it is having a hard time breaking above 1250, it has been 4 sessions with no direction. The first support is around 1232 and the next one is 1214.6 , the 20 day MA.
In the weekly chart below, you can see the market is well above its 200 week MA(yellow line) and heading for the next resistance (if 1250 is taken of course) , around 1300-1310. It looks obvious to me that market needs some correction back to 1210s some time, but I expect it to be after new year.Famous 80 week MA(blue line) is at 1095 now, which as I mention in every post, is in my opinion the support for the bull market.
Overall, the macro picture is really complicated at the moment. The economic figures in US show improvement finally, the worries in Eurozone are under the carpet for now but 2011 will be though in terms of Portugal and especially Spain. My wild guess for2011 will be that it is going to be at best the copy of 2010.An upride with some violent down moves.
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