I happen to believe that the market has topped out for the year, but the market will let me know soon enough if this assumption is correct. I also believe that the market is 1-3 days away from a bounce but that the bounce will fail long before 
SPX reaches the resistance level at the 1434 area.
The one thing that would change my mind would be a very strong one-day move with an even stronger, IBD type follow through rally day which would conclusively flip current market bias from bearish to bullish. Even so, I do not think we will put in a new closing high onSPX before the end of trading on the last session of 2012.
GL
SPX reaches the resistance level at the 1434 area.The one thing that would change my mind would be a very strong one-day move with an even stronger, IBD type follow through rally day which would conclusively flip current market bias from bearish to bullish. Even so, I do not think we will put in a new closing high on
SPX before the end of trading on the last session of 2012.GL
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