FXEmpire | November 20 2012 11:28 EST
The Dow Jones futures shot straight up during the session on Tuesday as the “risk on” rally will was in full effect worldwide. This was predicated mainly upon the idea that the U.S. Congress could come together and figure out some type of solution to the upcoming fiscal cliff. However, this may have been more due to the fact that most of Congress is out of town on Thanksgiving break. Simply put, there was no bad news coming across the wire to push the market lower.
We do see the 13,000 area is extremely resistive as it was so supportive in the past. Because of this we are not willing to buy this market, but will fade rallies as they run into massive resistance areas such as the 13,000 level.
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Originally posted here