Xmas Week Begins

Today is the first day of what is in effect a two week holiday trading period into Friday 2nd January 2015. For most of this period volumes will be low and the lean will be bullish. The historical stats for today for instance are that it has closed up about 76% of the time. That said SPX needs some retracement or consolidation to establish a rising sustainable support from the last low. I was expecting that on Friday but we may see it today or tomorrow instead.

A decent rising channel has been established from the 1820 low now and the 60min buy signal at the low has made the target at the 70 level on the RSI 14. I am expecting a new all time high on SPX as the last part of the stats from the post 5 DMA runs, but that needn't be done today of course. SPX 60min chart:

Main overhead resistance is at the weekly upper band at 2101 and rising megaphone resistance in the 2110-20 area. This 2110-20 area is one that I am expecting to see tested over the holiday period or shortly afterwards. SPX weekly chart:

The stats are very bullish for today but there should be a decent retracement somewhere close here. Any dips of whatever size should be a strong buy.