22/11/2011

SP500, very strong selling pressure at 1.200 holds trend below this crucial resistance point. Buyers trying to cover gap have not got enough buying strength now

What is going on is a fight between two groups. The strongest group so far sells heavily at very important chart point at 1.199.37 - 1.201.12. This point is looked at all over the world because many thinks if this points goes the bear market is not in place anymore. The other group thinks that the gap at 1.210.46 must be covered for the down trend to continue. The 2 hr chart 8 MA is up, currently 193.98 and will rise for several hours unless the buyers give up. However as the time goes by both teams will be stronger and stronger. Who will win is difficult to say. I will continue to monitor this fight.

Right now a new attack at the upside

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