Technicals may give stocks edge into 2012

SPH has a short term trendline at 1263.50, which may prove pivotal pt. 30 yr versus SP is again nearing its 200 day avg major closing pivot pt which if broken would give equities the edge going into the new year.

NDH positive early today above 2274.50. QQQ has 56.26 as top of wedge would we see as pivot pt with momentum above. DJI has 12350 as key .786 resistance. Transports and Homebuilders acted well holding their 200 day moving average (DJT and XHB). XLK also holds its 200 day avg. XLU utilities sector ETF hovering at its .618 retrace of major move. USH has day session .618 resistance holding as resistance at 144-23*; see page 3. Day session TYH would likely weaken below 130-25 during day and we key 130-13 as initial pivot support.

Short covering in EUR/USD after putting in a new low for the year by one tick, but still holding the low close for the year of 1.2910*. 1.2970 is 50% retrace of recent decline and first key resistance today. Trend line at 1.3042 keys any real rally attempt. US $ Index pulling back from major resistance area and has key trend line at 79.80 and closing pivot pt of 79.60*. AUD/USD is testing top of wedge formation of 1.0184 which could see upside swing above; pg 3. USD/JPY would likely see downside momentum w/close below 77.50

Inflection Points

  • DJI 12,350*
  • WTI 98.31*
  • Brent 109.20/60*
  • SPH 1264**
  • QQQ 56.26**
  • USH 144-23*
  • TYH 130-08 close*
  • AUD/USD 1.0184*

Market Sentiment

David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).

About the Author
David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).
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