7 Nov 2014 - More Consolidating

Price movements are sideways and the indicator has not moved in any way that would warrant me to get rid of long positions.  At this point it is toppy, but still has a higher probability of higher prices to come.  I know this is not what the Bears would like to hear but it is what it is.  This is why we cant really speculate on the turning points until we have a solid confirmation or at least one that gives us a better chance on succeeding in our trades.  Unfortunately for those like me, I will have to wait 2 days twiddling my thumb.   The SPX has managed to put in higher prices since yesterday.  I said last night that I would extend the FIB lines if I see a clear move up.  So far though, it is just a pierce and nothing significant to have us stretch the lines, so the support and resistance level is safe for now.  Being that price had a hard time moving up today. It would also raise the possibility of an evident resistance level on a intra-day basis.

MT: UP
PA: UP
ST: UP