SPX Hit Support and Rebounded

By December 8, 2013 Market Analysis No Comments

On Friday, December 5th, 2013 SPX hit support and rebounded and closed at 1793. On December 6th, SPX moved up 20 points and closed at 1805.09.

In my last post dated November 24th, (which you can read here) I had mentioned that rally will continue till Thanksgiving and S&P was supposed to reach the target of 1810-1815. S&P hit 1813.55 on Friday, November 29th and as expected after Thanksgiving SPX did the consolidation and came down to support level of 1779 from where it rebounded.

The next logical move for S&P is to take out the high of 1813.55 and close above it. Then the target of 1820 as mentioned in previous posts will be very close. Once S&P closes above 1820-1830 level then it will start its journey towards the year-end target of 1855-1875. This target is expected to be achieved latest by mid-January.

However, we need to keep in mind that market has a tendency to change its direction during winter solstice which is on Saturday, December 21st, 2013.

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