Sunday, December 30, 2012

SPX Is About To Test Its 200 D-SMA

Long Term Current and Past Portfolios

New Long Term Dividend Portfolios

Last week SPX broke out of it down trending price channel (thick black) and started trading in a much steeper channel (thick orange).  At this point chances are very good that SPX tests its 200 D-SMA around 1390 sometime this coming week, possibly tomorrow if no agreement is reached to avert "Fiscal Cliff".   A close below 200 D-SMA would be extremely negative and would signal much more selling.  My plan at this point is to exist my long positions.  I think we are in for a nasty fight between Dems and Reps that will go on and on for a while, a long while.

Face Book

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.