|S&P 500 - EOW Analysis - Week starting 02 Jan 2012.|
Our last post on this subject anticipated a 'retreat from' or 'break of' the top line of the falling channel shown above. We have a break. The break of the upper channel line of a weekly channel should have the price shooting up....however we observe from our monthly study (here) that all this is a pullback to the bottom of the monthly channel which is officially breached if Jan 2012 closes above 1303. So we wait for that event and watch the space around the weekly channel top where the action will now be centered.