For the last several weeks, SPX has been hitting a thick wall of resistance and dropping down. Some think it is the 200 DMA, some think it is 61.8 number. SPX traded above, below, at the 200 DMA several times this week. There is significant resistance that is holding the market down though. I don't think this low volume push will cause the market to go higher. "Market higher" is the keyword and I expect the market to trade higher 3 months, 6 months from now. The 50 week MA is at 1267 and that is what is pushing the market down. For /ES, the resistance stands at 1264.
I expect we will go lower, gain some momentum and then push higher in the new year.
