Market Comment - S & P 500 Index (1414)

By now my many readers know that I have described the S & P 500 Index year 2000 high (1552.85) as a huge resistance brick wall. I had called for a Santa Claus rally in December, and at the time I wondered if this short term recovery might be sustained long enough to come up against the ominous 1552 resistance barrier.

Now I have my answer. The Santa Claus rally ended abruptly last week. This would have been the third recent attempt to penetrate above the 1552 level, and it was sad to see it fail on weakness.