09 February 2015
SP 500 and NDX Futures Daily Charts - Once More Into the Breach
Stocks were unable to take out the overhead resistance on the SP 500 continuous contract futures which is fairly well established around 2055-2060.
This was the third or fourth try, depending on how you wish to account a two phased attempt in mid-January.
I think the bulls have one more serious shot at taking it up and over, or we are likely to go down and test a firmer support level, say around 2025 or so.
I suspect that geopolitical developments are weighing on the US domestic game of liar's poker that is the equity market. Despite the usual self-sufficient exceptionalism bravado.
Have a pleasant evening.
Posted by Jesse at 4:11 PM