The S&P has a short term bearish look to it. The most important level currently is 1173, which is the low of this pullback so far and has been further strengthened by the approach of MA(50). A fall to 1150 wouldn't be out of the question of this breaks, so watchout for this level. On the upside, 1200 is an obvious, perhaps a little too obvious in fact, resistance level but the level which the bulls need to reclaim to turn the tide is 1207.
With this being a holiday week and the market action being dominated a lot by news, I have decided to take a much needed mini break from trading and the blog. I will put up a watchlist of some stocks that I like here in a short while but after that, I will be taking the rest of the week off and will be back during the weekend.
Make it a great Thanksgiving! I hope you all are able to spend it in the company of your loved ones.
Take care and good luck!