Apart from Wednesday the stats for the trading days this week have been very bullish and the most historically bullish day of this week is today. Notwithstanding that, the close on Wednesday looked bearish and if we should see a break back below 2082 then I would have a modest double top target at 2076.5. Regardless of that though the stats for today are so bullish that I’d be expecting a very likely close up from Wednesday’s close at 2082. SPX 60min chart:
Of the four previous runs over the 5 DMA from a significant low this year the shortest run ended on the eighth day. Today is day seven so even without the bullish stats for today that would suggest decent support at the 5 DMA, which closed at 2075 on Wednesday. SPX daily 5 DMA chart:
The playing field becomes more even next week as volume comes back into the markets. Monday and Tuesday have neutral stats and the stats for Wednesday as the last trading day of 2014 are strongly bearish. If we see 2077 today I’ll be a buyer there.
