Madrid

Setting up the Santa Clause Rally

AMEX:SPY   SPDR S&P 500
214 0 3
The previous decline tested the 55 weekly MA, The support was strong and it created the short covering and a rally extension until the level we see right now under the 8MA, which now behaves as resistance. This created a range between 187 and 195. The price is touching the upper channel resistance line and if the 8ma is not broken to the upside it will decline again to test the 55 ma again. If this is the case then a descending triangle will form on the mid channel support and this will setup a very interesting rally around the second half of November, a very interesting setup for the Santa Claus rally.
The Momentum indicators are heading south, so I am not too optimistic that this will see the 200+ levels in a while.
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