09 February 2015

SP 500 and NDX Futures Daily Charts - Once More Into the Breach

"You never know what is enough unless you know what is more than enough."

William Blake

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.