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The only chart I'll be commenting on tonight is this 4-Hour chart of TF. Price is currently trading at a resistance level of an intersection of the the top of a "minor" uptrending channel and the lower one-quarter of a larger uptrending channel. It's also approaching another confluence resistance level at 813.20 of its 78.6% retracement level from its May 2, 2011 high to the October low and the lower one-third of the "senior" channel level.
At these levels, it's also beginning to trade in overbought territory according to my very short-term RSI indicator reading, so price may pull back somewhat before making its next move. At the moment, momentum is favouring the bulls, and near-term support sits at a confluence level of 780.00-785.00, comprised of the lower level of both channels and the upper one-third level of the Fibonacci retracement.
It is becoming kind of tiring to write about the coming pull-back in equities which does not come. Just like those days of QE1 or QE2 when the mantra was JBTFD.
It was expected that SPX will retest the highs of January 26 and only when it fails to take out the 1333, we can call it a top. This pattern is repeated many times as you can see from the SPX daily chart.
Data released last night and today shows a small improvement in the Manufacturing PMI Indices in China, Europe, Britain, and the U.S., and a small improvement in Construction Spending and Manufacturing Prices in the U.S., as shown on the graphs below.
Since the last several months' worth of data has bounced a bit after large declines in 2011, it will be worth noting whether the weak trend is actually ending and strengthening into 2012, or whether this is just a blip before further weakness settles in.