Weekly Forecast - Dec. 5th
Good run up by the bulls but could this week make it a short run?
The futures market shows the nice bounce off of support to reclaim the upward trendline. As we can see the uptrend was quickly met with a past resistance of 1225. This is the same resistance that killed our two month rally. If the bulls cannot take over this resistance it will be putting in a classic double top which will see another sell off.
Here is a view of the S&P500 on an hourly basis to show what kind of mess this market has been in as of late. As you can see the market struggled for some time and has now quickly shot up. A quick run up like we just saw will never be able to continue without some what of a sell off or leveling. This is also a good depiction of the current resistance level.
Here's the Chart Analysis On the Markets.