SPX Triangle Trading 122807

After a positive open the market is sucking wind at the moment. I’m keeping my eye on the 60-minute chart of the SPX. The index is trading inside the triangle for now.

Note how that resistance around 1490 from late October is coming into play on the upside. The market should get some legs over that top trendline and through resistance.

I bought a bunch of N - Netsuite today. Relative strength in an individual stock when the market is weak is a great sign. A move over the recent high on the daily chart should send it to the 50’s.