S & P 500 Index (1268)

In my November 7th Blog Comment, I finally moved to a neutral stance from neutral-positive beyond the near term. No sooner had I published this change, than we popped up through the resistance level that had caused me to become concerned. So I'm back to my long standing neutral-positive intermediate term position on the S&P 500 Index.

The index looks substantially overbought on the short term, but we may be reaching for round-numbered 1300 resistance. In any event, I expect we should be into a short term top formation in the coming week or so.