come one come all weekend charts 9-11dec, page-23

U.S. Indicies Daily

I note that Wyckoffian David Weis said in his newsletter on 7th December (before the S&P 500 came off for a bar)

"I have no way of determining the outcome of the European debt crisis and all of the attendant sub-plots.
I can only judge the behavior on the S&P chart for indications of the future direction.
In the last three sessions, the market has had several opportunities to break down and each time buying remained firm.
Todays outside upward reversal (7th Dec.) testifies to the buyers resilience.
Therefore, I have to assume we will see prices move above the October 27th high at 1289.25 (December Contract).
The shallow angle of the current upwave is usually associated with weak demand.
In this case, however, I believe it represents absorption."

David Weis


It will be interesting to see if his view has changed at all after two more bars.



cheers