ESZ11 – December Mini S&P (Last:1256.50)

December Mini S&P (ESZ11) price chart with targetsAll of the gurgly action of the last few days has taken place just beneath the external peak at 1270.75 recorded on November 14.  That makes the monster rally from 1147 suspect, since, having exceeded no prior peaks, it is not even impulsive on the daily chart. A minor upthrust from these levels would remedy that, but until such time as one occurs, and even in the wake of the recent 120-point explosion, the burden of proof properly rests with the bulls.