Rosey's Outlook


by J.D. Rosendahl

Monday, December 5, 2011

Stock Charts: Market Tests Cluster Resistance

$SPX 15 Minute:  The market's work up on this leg was unfinished and pushed higher.  It still looks unfinished, so we might get another splash up.  We finally have divergences forming though.




$SPX 60 Minute:  Market testing minor price resistance.  I'm still of the view that a finish to wave 1 or A up is done or about to finish soon, and a consolidation is to follow.



$SPX Daily:  Market pushed right into cluster resistance.  This is an ideal spot for a consolidation.   A bull flag would be interesting!



My Watch List:  I'm waiting to see the market consolidate the gains of the big run, so no charts yet.

From My Trading Desk:  We had no trades today.

It's really a simple story right now, I think the market could be buoyant most of December, but I'd like to see a consolidation as a re-entry point.

Happy Trading.

J.D. Rosendahl, Rosey