The Morning Call
12/31/14
The Market
Technical
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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