Saturday, January 3, 2009
Index Wrap
BREAKOUT
By Leigh Stevens | As this current advance continues to unfold, I started out in the first up leg, with a strong bullish outlook based on the falling wedge pattern which is (again) highlighted on my first chart, the S&P 500 (SPX). Going against the wisdom of going home with who you came to the party with, I then turned very cautious about the potential for the major indexes to break out above key resistances suggested by the 21 and especially the 55-day moving averages and by the top end of the August-November bearish downtrend channel.

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