now that the S&P has found the short-term support, near the 1090 level, traders will focus on the next resistance level, which is around the 1120 area. If the bulls manage to take out that level, then better times are ahead - we’ll go straight up to 1150 in no time.

現在標普已經在1090點附近找到了短期支撐，交易者應該關注下一個阻力位，大約在1120點。如果多頭成功攻佔這一阻力，前景將大為改觀，有可能迅速殺回1150點

based upon recent trading action, we should expect at least another attempt to rally before the end of the week. However, given that the S&P 500 index is still in failed breakout mode, with strong resistance located around 1120, a general cautious strategy should be applied.

從近期走勢來看，我們預計大盤週末之前至少將再出現一次上攻嘗試，不過，由於標普500指數仍處於假突破模式，而且在1120點有強大阻力，因此總體而言應該採取謹慎策略。

stocks appear to be caught in a holding pattern ahead of Wednesday’s FOMC announcement. Right now the most important thing to look for is the November high on the U.S. dollar. Given the recent inverse correlation between the dollar and stocks, an upside breakout above that level is a negative sign going forward for stocks because, after all, the green back has been the dog wagging its stock market tail.