S & P 500 Index (1225)

In my October 22, 2005 blog comment, with the S & P Index at 1179, I said I was looking for another push toward 1250. For some time now I have been committed to an S & P trading range between 1150 and 1250.

Last week the index pushed higher to touch short term downtrending resistance at 1224, and my unique math models signalled that a possible short term top could be falling into place right there.

I'm satisfied with that for the moment. I would put initial short term downside support in the area of 1165, but would not be surprised to see a selloff to my earlier target of 1150.

Beyond the near term the tepid shrinking trading pattern appears to be eroding, so I'm moving from a neutral-positive stance to neutral at this time.