Dartline™ First Look – morning directional planner
… Use 1112.40 in the Standard & Poor’s 500 index as first test to maintain upside bias. Although the S&P’s break above 1,100 is increasingly being portrayed as having the potential to determine that this is no bear market rally, anything that suggests consumer confidence is taking a hit as the holidays approach could initiate a wave of profit taking in the U.S. — the impact of which would doubtless be felt on markets across the globe. However, a breakout would warrant increasing investment allocation to the buy side with 1166.36 as primary mid-term resistance. Maintain support at 1044.80.