The SPX 500 sits about 5 points higher (as of 8:40am EST) than Wednesdays close on the S&P 500. The Italian bond auction did not have a strong demand. Meanwhile we have the EUR/USD breaking through 1.29 area and the AUD/USD hovering above 1.0050 area. If the SPX 500 can break though the 0.764 fib retracement at 1,255, the next resistance will come in at the 200 day moving average at 1,258 area. Support could come in at the 20 day MVA if sentiment turns bearish.Volume should be light as we approach the final trading days of 2011 so be sure to use proper risk management.
