mowibble's high tight flag tuesday, page-10

I can’t access the Dow Industrials Chart this morning, so I’m using the S&P500.

In America:

Dow Industrials -1.34%
Dow Transports -1.01%
SP500 -1.49%
Russell 2000 -1.64%
Nasdaq100 -1.14%

Comment: Most of Friday’s gains were reversed today – but the last hour saw some good buying come into the market. Volume has been declining in the past few days. Investors seem disinclined to take positions. The next move on higher volume should be telling.

NewHighs/NewLows 64/48 NH
Technical Comment on the S&P500:

The Dow finished at 1236.5. Above the 120-Day Exponential Moving Average (blue dotted line) at 1227.3. Bullish.
Indicators:
* Stochastic: 76.9. Falling below 80. Caution.
* RSI.9 is at 50.6. Marginally above 50. Neutral.
* MACD Histogram. Marginally below Zero and falling. Neutral.
* MACD. Above Zero. Positive.
* CCI.14: +34.5. Falling. It needs to bounce around the zero area to give the bulls a chance.

The short term trend is down. The S&P500 and the Dow Industrials remain within the confines of narrow Support/Resistance. On the SPX those are at 1229/1265 and on the Dow 30 - 11897.3/12221.3

The 1229 support also corresponds more or less with the 120-Day and 20-Day MAs. That’s solid support. If they do break to the down-side, a major support level lies at 1218. Similarly, solid resistance lies higher around 1285.
Finally, Options Expiry Week in December has a strong bullish bias. But the market hasn’t taken much notice of seasonal factors lately. Remember what happened in the week prior to Thanksgiving – also an historically bullish period.

The market is in wait-and-see mode.

Here's a chart for the Gold Bugs:

The chart has to rise above the big blue down trend line. Currently the chart is “coiling”. Such patterns can break either way but usually give valid signals once they break. Gold in U.S.$ was flat overnight. This chart is also in “wait-and-see” mode.

Redbacka