[/caption] Levitation in the market place as low volume and a lack of volume increases the effect of buyers entering the market. Resistance will come in 1241.75 after this morning's run up. watching for a break to upper trend line around 1262.75. If we make it through here and can see some Christmas glee in the form of increased consumer spending, looking for a top around 1285. This is a longer term picture for the month with support coming in at the point of control for today at 1237.50 with sellers in control under here. The next area of major support will hit around 1229 then 1215-18. If we do get a break of this area we might see the 200 MA on the 240 min touched at 1205. Will be a consolidated area to trade this next week as most investors will be in the "let it ride" cycle of the year. S&P500 and Tuesday's FOMC meeting In all likelihood it's going to be a quiet FOMC meeting this time around – in stark contrast to the hugely anticipated QE2 announcement meeting last month. At the last meeting, the Fed announced some $600bn of Treasury purchases extending into Q2 2011, but the effects of that injection will take some time before they filter into the key economic data that the Fed is monitoring. In fact, the data since that meeting has been far from [...] S&P 500 day trading course
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