New Market Week

November 2, 2009 6:55am by Barry Ritholtz

Its always a challenge to stay on top of the daily gyrations while traveling, and this long 10 day trip — Dallas Austin Detroit San Francisco — is no different. I can’t complain, I travel far less than many of my peers.

Longer term, the SPX is at an interesting — some would call it crucial — locale (see chart below).

Things could get very interesting from here. Other than the observation that the rally was getting tired, I have no special insights as to how this plays out. A reasonable guess: We chop around, pull back to 980-1,000 or so, then make a dash higher to 1,200-1,250 at year’s end. Again, just a guess.

Futures up strongly this morning.

More from Dallas later . . .

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click for larger chart

Chart source Andrew

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