Out with the Old

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Nothing much changed yesterday and I’m still expecting at least a test of the current highs before the retracement that I am expecting to start soon. The consolidation over the last two trading days has formed a clear bull flag, so a new high could well run into the mid-1850s. SPX 60min:

131231 SPX 60min Trendlines and RSI

The SPX daily upper bollinger band closed yesterday at 1849 and if SPX has a strong day could well close today in the 1855 area. I have decent trendline resistance in the same area so I’ll be watching that with interest as a possible short term high area. SPX daily chart:

131231 SPX Daily Patterns BBs MAs

Everyone have a great New Year’s Eve and Day. 🙂 I’ll be doing a post tomorrow or at the weekend laying out what I see as the highest probability path for SPX from here into 2016.