Wednesday, December 31, 2014

The Morning Call

The Morning Call


The Market

            Yesterday, the S&P (2080) closed right on the upper boundary of its long term uptrend, having remained above it for the prior four trading days.  Under on time and distance discipline, that technically confirms the break above that boundary.  However, (1) the magnitude [distance] of the break was never that great and (2) the holiday impacted lack of volume raises a question about the validity of the break.  Nonetheless, I am making the call, but with some lack of conviction.   The real test will come next Monday when everyone is back at their desks.

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