$SPX Daily Chart Analysis

SPCFD:SPX   S&P 500 Index
I happen to believe that the market has topped out for the year, but the market will let me know soon enough if this assumption is correct. I also believe that the market is 1-3 days away from a bounce but that the bounce will fail long before $SPX reaches the resistance level at the 1434 area.

The one thing that would change my mind would be a very strong one-day move with an even stronger, IBD type follow through rally day which would conclusively flip current market bias from bearish to bullish . Even so, I do not think we will put in a new closing high on $SPX before the end of trading on the last session of 2012.