The month of November saw the stock market push higher and basically ignore price and time projections/confluence points. After a brief pullback in November we are again challenging or exceeding the recent highs. I still think it is part of a topping process that seems to be getting the bullish sentiment gauges pushed to extremes. There are outstanding projections in SPX to 1250 area, so that may have to be seen before the market has a meaningful reversal - don't know.
Posted today is a chart showing some symmetry with a 354 trading day time span that has marked a number or reversals from different swing points for several years now.
Dec 2010 is also a Fibonacci 21 months from the Mar 2009 low, whereas the Apr 2010 top was 13 months from the Mar 2009 low.
There are numerous divergences setting up on indicators and among different indexes as the SPX is pushing to new highs on this latest stampede to the upside. Sometimes these time symmetries will mark turns when sentiment is one-sided and the indicators are diverging. Let's see if the QE2 will override everything and keep the markets going or if the markets will stall and possibly turn down for more than 2 days. Other upcoming CIT dates to watch are 12/13/10, 12/31/10 and 1/10/11 (all plus or minus a trading day or two).
Kim Rice 12-5-10
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