14 Jan 2013

Markets have been shrugging off the Debt Ceiling issue and its a matter of time until it wakes up to the severity of it.  We had a down move today but our 60min stoch. did not make much of an impression to the daily chart.  As it stands we are still in a upward bias.  The SPX needs to make a decision as to whether it wants to make or break that high made in Sept of 2012.  Even if we don't it just makes it the more bearish.  An exhaustion is what I am looking at here and patience is key before a short can be made.