The Dollar, Weak Earnings Indicate A Top is Near for the S&P 500
Could Oil Prices Intensify a Pending S&P500 Selloff?
Last week we received reports that the unemployment rate in the United States was improving markedly. In addition, sentiment numbers were released that confirmed my previous speculation that market participants were becoming more and more bullish as prices in the S&P 500 edged higher.
The last week of the year volume tends to be light due to the fact that big money traders are busy enjoying the holidays and waiting for their yearend bonuses.
I was not planning on doing much this week because of the low volume but after reviewing some charts and risk levels on my top 5 trading vehicles I could not help but share my findings with everyone last Friday.
Must Know Levels of Support and Resistance for this Week
“The paranoia gripped us, The rain turned engines to rust
The panic set in like a cancer to our hearts; Spreading through
We bet on finite genius; Or prayed for God to save us
But there was no antidote, Disease tore us apart
We left bodies in the fields, So numb that we forgot how to feel.”
~ Rise Against: Endgame Lyrics ~