I’ve been long SSO during this grind higher for the SPX, and mentioned I was looking for a spike to 1330.  We had that move today with a day high of 1328.3. We’ll see how the index handles that trendline.

I mentioned in the January 4, 2012 stock market update, that the SPX would probably grind up to 1330. That looks like a lock here, as the index crosses the channel line. I’m expecting a spike to get us there. From there, that last pivot high arouund 1346 is doable.

The XIV ETF stock pick on December 1, 2012 has been a nice winner. We’re 30%, and eight candles up. I’m hoping for that spike higher in the market, which would help this inverse ETF.

The SPX blasted higher on it’s first day of trading for 2012. The index stalled on the long-term trendline near 1284 as it should have. Money should go to work in these first few weeks. I’m anticipating a move to the weekly trendline, currently sloping down near 1330.

The SPX is finishing the year inside of a large wedge formation. We may break out either way before January 1st, and when we do, it should be a decent move.

1260 is currently trendline resistance on the upside. 1210 marks the downside trendline support.

Weekly SPX Chart

With today’s strong upside move, the SPX and Nasdaq continue to tighten their formations.

XIV weekly continues higher. 20ma target achieved.

NUGT is close to a bounce point here, as the 20 area is the projected target I had off of the head and shoulders formation. Take 39 to 29 from the right slope of the head and you have 10 points. So take 10 points from around 30 where the ETF started breaking down under the trendline. This is day 9 from the major pivot and day 5 from the key minor pivot that signaled this potential move.

DUST weekly nears trendline resistance.

I was lazy this weekend, and didn’t post this SPX daily chart. It’s Monday and pre-market futures are down. You can see the SPX has stalled at it’s bottom channel trendline. The 50dma is slopng up, and 20dma is beginning to turn up too. The 1215 to 1260 area should prove to be a battleground.

XIV weekly is still looking ok for the bulls.

The SPX-500 has quickly moved back to its bottom channel trendline at 1248. This also coincides with the 150 day moving average. Both of these power bar moves up came overnight, which probably left many buyers behind. My guess is that this market quickly turned into a “buy the dip” type of market, as many of those bulls will be trying to find an entry point now.

Last week saw the worst performance for the DOW 30 for a Thanksgiving trading week since 1932. Seven red candles and lower low candles for the SPX 500 wasn’t any better. I bought a few long ETFs at the close. I usually buy strength, but decided to look for a bounce after such a bad week, and 7 poor trading days for the bulls.

NUGT found a trendline.

SPX fell fast once it lost the channel trendline. There should be some support at the 50% retracement level. Bears are in control now though. Waiting for some green candles before thinking longside .

XAU needs to regain the channel’s bottom trendline. Day 7 brought a reprieve in the recent bearish trend.