Market Timing Brief for the SP500 Index Close on 12-13-2013: Below First Support, but Barely

A Market Timing Report based on the 12-13-2013 Close published Sunday December 15th, 2013

The SP500 Index is below what was first support now, so we could easily fall to the next support level or worse; however the close was just above a second support level which is the 10-30-2013 high of 1775.22.  That is enough to provide the support for a bounce now to the aqua line above here at 1802.33.  A bounce to 1800 would be good enough.  Then the Bears may come back in to do more selling.

If there is too much weakness overseas or more pre-Fed meeting fear (about the meeting running from Tues. to Weds. with a press conference to boot on Weds.), we can drop to the next support level at about 1762 at the yellow trend line.  If we fall to there, 1775.22 becomes overhead resistance on the next move up.


SP500 Below Support. Could it still bounce in the next trading week?

I covered my thoughts on investor sentiment for free subscribers on Thursday, so be sure to read them.  You can access them after getting the password here: Free Subscription to My Newsletter and access to my latest comments  I’ll send you back the password to the access page and the monthly newsletter in the same email.

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I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.

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