SPX Daily - 11/16/05

It was a lacklustrous day for stocks. The market went into a boring sideways consolidation, which looks like a bear flag for now. As noted yesterday, i went short at the open on Dec ES at 1234.50. Stop at 1241. 50. Bonds and Gold were the stars today. Both SPX and NDX remains on a sell signal. SPX should decline towards the chnnel support on the hourly which lies around 1214-1216.