The SP500 managed to finish the year barely positive but with a big question
mark regarding its future direction. Fortunately, we won't have to wait
very long to see whether the market will continue on a bullish or bearish
path. This can clearly be followed on a monthly chart, where the SP500 is
bumping against channel resistance:
The Q's are in a similar position, bumping against triangle resistance,
within the uptrending channel:
The accumulation/distribution indicator, which was warning mid-December that
a rally is imminent, has retreated from overbought levels and hovers about
mid-range. And the weekly SP500 finds itself in the middle of its Hurst
channel band:
Incidentally, both my bullish and bearish seasonal forecasts for the SP500
in January, point to a decline of a varying degree. It will be interesting
to see how they fare in the face of coordinated monetary easing by central
banks worldwide:
George Krum is the author of the "CIT Dates" blog and several
books available on Amazon.
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