Reaching Pivotal Decision Point in the S&P 500

The downtrend that I pointed out earlier this month is still intact. So far we have been unable to break it convincingly and therefore our dear bull run is to be regarded with some healthy suspicion. This 111.50 area I noted happens to be where both the downtrend and the 50% fibonacci retracement level are at.

Sadly, Thanksgiving was not celebrated outside the U.S. which bears in Europe took advantage of today, dumping indices 2% to 3% across the board. Not nice preconditions to kick-off tomorrow’s trading session.

Category: Stock Market