The market had a hell of a rally, however, as European situation was brought to center stage by Ireland reality has been kicking in. Ireland will be voting on austerity measures December 7th, 2010. In attention to this Korea tensions are increases. Most relevant this weekend is the imminent release of
2 million documents from WikiLeaks.
A sample from the linked story:
"U.S.
officials said the documents may contain accounts of compromising
conversations with political dissidents and friendly politicians. They
also could damage U.S. relations with allies around the world and result
in the expulsion of U.S. diplomats from foreign postings."
Yesterday the markets were closed and today they closed at 1pm. Obviously the volume was extremely low today, as who would say no to a 4 day weekend?
The major aspect of this chart is the lower highs since beginning of November. A previous high has never been taken out, and the 1200 level is proving to be strong resistance. Since breaking this level, the price action has stayed below. The Nov 19th high was 1999.97
If the 1200 level breaks, it will be a good intraday play to the upside. However, until price gets back over 1215 this market in the short term is bearish.
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