S&P 500 Index (INDEXSP:.INX) Likely To Pullback Further In The Days Ahead

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November 28, 2012 11:31am NYSE:SPY

David Banister: The S&P 500 Index (INDEXSP:.INX) is likely to pullback from a 66 point rally off the 1343 pivots. Those pivots were right at a Fibonacci fractal retracement of 61.8% of the Summer rally.  That rally ran from 1267-1474 as we all know in hindsight,


and the correction was a normal correction within a bull cycle.

Near term, we had a nice run to 1409 and met resistance there.  We would expect a pullback to the 1384 areas on the SP 500, if not a bit lower in the coming days.  The US Dollar is likely to get a bounce which will also pull down Precious Metals along with stocks near term.

We think this could be a opportunity to buy as we approach pivot pullback buy points, but of course we will monitor in the event the pullback becomes more dire than expected.

Below are charts of the US Dollar and The SP 500 Index and potential near term movements to monitor.  Over at our we closed out long positions in NUGT ETF with nice gains yesterday as well as stocks with trading profits while we watch the pullback action.

 

[GET A FREE TREND ANALYSIS FOR ANY STOCK HERE!]

 

Written By David Banister From The Market Trend Forecast

David Banister – We believe that markets move largely based on important swings in sentiment, crowd behavioral patterns, Fibonacci Re-tracements, Cycles, and other ephemeral catalysts.  The headlines explain what just happened in the market, but they do not predict the next moves up or down in the indices, sectors, or commodities.  As an investor, you need to be armed with tools in advance of major moves that are accurate, and TMTF will assist you in being prepared as an investor for volatile markets both on the upside and downside. We have a wealth of technical analysis experience to take advantage of the crowd behavior in the markets.  Our Chief Strategist, David Banister,  has been quoted and or written articles on CBS Marketwatch.com, 321gold.com, TheStreet.Com, SafeHaven.com, Kitco.com, Stockhouse.com, Theaureport.com, along with other well known investment sites.  David has been a past guest on the national radio show “Money Matter$”.  Chris Vermeulen of Thegoldandoilguy.com met David in 2008 as the financial crisis was unfolding.  After numerous months of following the forecasts and trading abilities of Mr. Banister, Chris suggested that a joint venture be formed and we offer a trading service to a finite and select group of partners (subscribers).  ActiveTradingPartners.Com was formed in July of 2009, and with the success of that service, we now launch The Market Trend Forecast in March of 2010.


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