1231.47 was never taken out yesterday, much to my joy and surprise. The S&P opened strongly and fizzled yet again. This keeps the pressure on the downside, even though the futures are up once again this morning. So maybe I didn't miss the train yesterday. Maybe the schedule changed. Maybe not.
I've drawn what amount to converging trend lines on my charts which have me thinking triangle now. I'm also thinking 1200 is therefore still in play, plus perhaps a little lower. I'm noting the 1195 area, which includes the opening price of 1196.72 from 11/30, the huge up day. Breakouts love to get tested.
Europe continues to smoulder. I've grown tired of thinking, talking, and writing about it. Others do a better job than I do. It is not over, though. Not even close.
The only cure is real GDP growth. And it is thwarted each day.
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