US TECHS: Another Bull-Flag Pattern Developing for S&P

Price action of the past month or so for Dec S&P has formed a bull-flag pattern that should allow for a push up to new highs for the move. Finding resistance levels at this point is difficult as prior highs don't really stand out until the contract starts to get back up toward the highs from 2000 in the 1550 area. Daily trend signals are still leaning toward a bullish view and dips continues to respect initial support levels. We would not look for a significant top in this move until the sentiment measures, such as the 20-day put/call ratio, start to show much more optimism.