After bouncing off chart support at 1210, the SP500 closed the week at 1220, the level identified in last week's article. And just like last week, we continue to monitor the inner weekly triangle for signs of strength or weakness in the market.
Market internals are showing signs of improvement, after the major indices registered their lowest weekly levels on the December 15th CIT date.
The risk/reward ratio, from the point of view of weekly Hurst Channels, is close to 1:1, just about right for an index stuck in the middle of a triangle.
