Well it's a new year and not a lot has changed as to SPX outlook. Lots of up/down, backfilling, up spikes and now a possible down draft of some degree, 1270 maybe.
On DEC. 3rd the following post was made;
Nothing new to forecast except the levels of support have changed per the pivot chart below. Also take special note of 7th chart which may confirm J. Murphy's analysis that a top may be real close. The last chart suggest we are in a SELL zone and all other charts indicate a fast weaken market. We might bounce around within a narrow channel, but I do not think so.
Well it was an interesting week to say the least. It appears that there is a very strong possibility 1270 was a short term top and we may back and fill for a week or so. The SPX is loosing strength and progress is slowing and the volume weighted averages have turned down. There is a slight hook starting at the top of the "buy/sell" indicator so caution is suggested. Expect a decline to hit support at 1260, 1253, 1241 all +/- ish. At the present I do not have a guess as to which level will be tested if any. Still think during this bull run we will see 1325ish before a sustained decline starts.
My take is we hold and reverse right around here, Mon/Tues, or we are looking at 1240-1245 real quick.
I have strong conflicting signals, CAUTION.
