The chart above is a snapshot of the S&P 500 since July. As you can see during that time the index is down slightly with no real trend in place. More importantly there is the "resistance zone", which is between the two horizontal green lines (1230 to 1250).With 20 minutes left in trading the index is in the middle of the range and therefore at an important level heading into the last 2 trading days of the week. I suspect the S&P 500 falters at the 1250 area and closes somewhere in the resistance zone heading into the weekend. The next short-term move will be determined by news out of Europe and the jobs numbers.
A breakout above 1250 would signal a new buying opportunity.
A failure at 1250 for a few days would signal time to sell the weak positions and/or enter hedging positions.
Stay tuned!!
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