Saturday, December 1, 2012

Nemo's findings 12/2/2012

(Course on chart pattern recognition is available now: 

The week that was:

Sorry, had a file backup problem, so I didn't get the daily panel layout.  Having said that, above is the complete week.  Notice the bottom on the 28th, that was the supposed "kumbaya" moment between Boehner  and Obama.   Don't you find it amazingly coincidental that at the bottom the Qs were at their Weekly Pivot, the IWM was at the Monthly S1 and the SPY was at a whole number, which is often an inflection point for price action.  Think I'm gonna' have to rethink that Santa Clause thing...

Anyway, the last two days, which were filled with political posturing in the area of the 50 SMA of  financials, the SPY and the IWM  look like bull flags.  The dailies for the last couple of days show potential indecision.  Monday will be the first day of the month for mutual fund inflows....Gap up anybody?

Anyway, the week that is: