Weekly Thoughts

Sentiment has this market so complacent that it scares me. However, I still believe we take out 1250 and continue to grind higher into the end of the year. I tend to be away from the market for the most part during this time of year but always have a passive finger on the pulse. Not expecting much in the way of volume and most likely any breaks will be tested come January.

The resistance has built up at 124.45 so a solid close above that level early in the week would bode well for the bulls. The 60-day standard deviation (+/-1) channel has been money. The mid-point has provided support since the channel break back at the beginning of December. Here’s the weekly price targets followed by the 60-day chart.

No matter what you celebrate this time of year I wish nothing but goodness to come your way. I realize that my efforts to produce more content for the blog have waned in the past few months but the new year will bring with it a renewed vigor. Have a great week and trade proactively!