2012/02/24: Quick Post: Knock-Knock-Knockin’ on Heaven’s Door

© 2012 ROHR International, Inc. All International rights reserved.

With due respect and apologies to Bob Dylan for borrowing the lyric, the equities everywhere would likely consider it ‘heavenly’ for the US laggard S&P 500 future to finally knock out the last of the resistance from last summer. And March S&P 500 future knocking on the door at 1,367 (major high from last May) is the last shoe to fall with the DJIA above 13,000 and March NASDAQ 100 future pushing through 2,600. As noted previous, if March S&P 500 future should exceed that old high by more than a few dollars for the weekly close, it is more than the next nominal $10 or $15 signal. Weekly oscillators and historic congestion point to something more on the order of the 1,400 area at a minimum.