DeMark: S&P Rallies to 1,330-1345 in December, Overall Trend Still Down (Video, SPX Chart)

S&P 500 Index (not future) - StockCharts
Tom DeMark, creator of the DeMark Indicators (exhaustion indicators) that large hedge fund traders use on charts to time the market, was featured on Bloomberg TV yesterday, and said he expects S&P futures to hit between 1,330-1345 by December 21, but the overall trend is still down.

In the chart below, the S&P 500 Index (cash, not future) is testing the 200 day moving average resistance level (1,264.23). It closed at 1,258.47 on Tuesday. If the S&P breaks above that level, it could squeeze shorts, break through that downtrend line from July, and proceed to test the October high (1,293). But if the overall trend is down, that would mean it's just a false breakout. We shall see. Get ready for the ECB meeting on December 8, EU summit on December 8-9, and Fed (FOMC) meeting on December 13.


Previous posts:

Tom DeMark: S&P Is Operating Against The Trend; Weekly, Monthly 13s Still In Down Mode (10/20/2011)

Tom DeMark: S&P 500 Generated A Daily 13 Signal On Tuesday (Video, 10/5/2011)

Tom DeMark Predicts 11.2-16.8% Decline For S&P 500, Monthly Indicator Confirmed (CNBC 2/22/2011)

Also, if you haven't seen it yet, I found a video clip of Tom DeMark talking about "trading the nines" in the 1990s.

Related Posts


HTML Comment Box is loading comments...