Futures have bounced 50 handles off yesterday's lows and have rallied into a big level right here...2032.
This is probably a decent place to sell some longs and wait for a little bit of a pullback. You can always reload, however, if we do hold this 2032 level.
I'm waiting for the "January Effect" to start kicking in, so keep an eye out on small caps (IWM) for relative strength.
2012 is still big underneath and would provide a better entry point, but there's no need to get too cute.
If we can hold 2032, then the 9 dma @ 2046.78 and the 150 dma @ 2047.13 come into play quickly as greed will trump fear.
Remember, its year end and bonuses are on the line.
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