S&P 500 - December 10, 2010

Bottom line:

• Bears failed to impress
• Bulls have a good technical platform to use and push higher
• Index has positive posture on all time frames and MAs are positively aligned on all time frames
• While technicals look positive, if this is a 5th wave, there may not be much room for complacency.
• ARMS is dangerously overbought and may need some sort of a drop to cool off
• The coming week is an OpEx week
• OEW pivot support at 1222 and 1187. Pivot resistance at 1240 and 1261.
• Long term trend is up. Mid-term trend is up. Short term trend is up
  

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