S&P… hmmm…

As a caveat, I’m squarely in the bear camp through the end of 2011 (and likely 2012 too) for reasons detailed in many of my “daily reading” posts, and because I think enough damage has been done to the charts to suggest a major top is forming.  But that doesn’t mean we can’t rally a bit in the shorter term.  Today, the S&P sold off mid-day and rallied into the close, creating a bullish wick, called a “hammer” in Japanese Candlestick vernacular, which of hints that a trend reversal is coming – at least for a few days.

Also, as Chris Kimble noted, we are still mid-week.  It is important to see how the S&P weekly chart winds up looking.  We are under support right now, but could easily rally back within the range.

 

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