Keystone's Midday Market Action 11-29-11

RTH is elevated, VIX moving lower, market bulls appear fine despite the flat to lower markets. The upside is limited since the Nasdaq is not leading the S&P higher.  Consumer Confidence is a market pivot point at 10 AM.

Note Added 11/29/11 at 9:55 AM:  Markets moving up now as the RTH and VIX dictates. SPX:VIX moving towards 38. SPX now above 1197.  Yesterday's HOD was 1197.35. There it is, 1197.44 print. Bulls should be good to go now, watch to see if price stays above 1197.35. Rejected at first try, it will come up again for another try, keep watching.

Note Added 11/29/11 at 10:02 AM:  There you go, SPX came back up and over 1197 and jumped up over 1199.  This 1196-1199 resistance cluster may put up a little fight but now that the 1197+ is busted, a move to 1204 would be anticipated.  The S&P percentage up continues to outpace the Nasdaq so this is why price is stumblilng currently. If the Nasdaq can move into the lead the indexes will not look back. For now, price plays in the 1196-1199 zone. 

Note Added 11/29/11 at 10:18 AM:  SPX now printing 1203.  Resistance at 1204 and 1210 is now in play.

Note Added 11/29/11 at 3:03 PM:  RTH is elevated now with a 110 handle and VIX moves ever lower now with a 30 handle. As long as this is the case, the market bulls are in control. The Nasdaq never led the upside today so the rally did not have a lot of gusto.