Tuesday’s Trading – 12/1/09

SPX Moving Average Convergence
The 20, 50, and 100-period moving averages on the SPX’s 60-minute chart are all converging at about 1099. That will be strong resistance. If the SPX is indeed able to punch through it, it will need to at least run up and tag 1112. If it turns down before doing so, that will be a hint that it is might eventually fall out of its rectangular trading range.

The Dubai Gap
The XLF is the only major ETF that has closed its Dubai Gap (from Friday morning) so far.