Weekly Update

SPX closes the week at 880.  There were several attempts to rally beyond the Obamanachi Wave 2 (Hillary Wave) at 912.  As I see it, the S&P is two or three days from defining the next leg.  The downward sloping triangle (now marked by the declining 50 day moving average) is reaching the end.   850 has been an important pivot point (no, I'm not a member of Team 850) within the Hillary Wave.  A close above 912 would signal an upside target of 950 in the near-term.  Failing the 850 level and we head back down to 818.  

Magical Numbers:

Up: 850, 875, 912, 930, 950, 980

Down: 850, 818, 789, 750, 712

I'll also be watching the dollar this week to see how it reacts at the 82.50 area, which was the near-term target.

The economic calendar is somewhat busy this week along with the FOMC meeting Monday and Tuesday.  Should make for an interesting trading week.