- The S&P continues to march toward, what we believe, is the next major area of resistance at 2640ish, which is the zip code where the 50-day and next key Fibo live
- The market will soon be tested with the Q4 earnings reports, which will be interesting, to say the least, with all the foreign exposure in S&P500 earnings
- Doji candlesticks have signaled coming downdrafts since the October top, the closest signal we have found to ringing a bell at the top
- We are becoming a bit more cautious as the daily candlesticks over the past few days are beginning to resemble Dojis. Watch this space.
- If the S&P generates a nice formed daily Doji, we will get shorty for a trade
- The S&P needs to hold 2573.61, the key Fibo level during this sell-off
- The short-term marker to the upside is today’s high at 2595.32
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