Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Tuesday, January 22, 2013

Market Free of Debt Battle...For Now

Stock Market Technical Analysis Blog

Click on image to enlarge

In the market today we saw enthusiastic lift in the indexes as the market became comfortable that they are indeed going to move the debt ceiling battle out another three months with tomorrow's vote.  This is a huge relief for the stock market.

In the upper cluster we see that this development allowed the S&P to break out of its recent range, which brings the need to look at the bigger picture shown in the lower cluster.  Looking at this long term chart of the S&P we see considerable room left in the S&P's 4-year mother channel.  We still have to deal with the program cuts part of the fiscal cliff by March 1, but for the time being they have stuffed the cat back in the bag and the mice are free to play.  Also, AAPL printed a bullish reversal candle today, even it may find some love.


Blog Archive