Market Comments: Market price actions during the last week show bullish bias going into the pivotal week with the FED day, OE week, key earning reports from Best Buy, Goldman, MS, and RIMM.
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Markets consolidated for three days after the Run-away GAP which I noted to be filled; and finally we had downside momentum during Thursday and Friday; but, markets quickly recovered from downside momentum filling the GAP going into close as markets closed in positive territory.
60mins are now turning up after the 4 day consolidation of the Gap-up. Daily price actions have shown resistances below 50dma on major markets, and breaking above the resistances - targeting SPX 1050 +/-.
Daily price actions are now overextended even though prices have not, so strong move during the next week will make up for the 4-day consolidation period.
Markets have formed Symmetrical Triangle formations and breaking S/R will be initial signals for price momentum to the breakout direction.
Until proven otherwise, breaking the lower support of the Nov 21 lows, markets will be trading in the range of SPX 800 -1100 +/-. Good luck
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