It'll Be Interesting Tomorrow (Updated)

So it really looks like tomorrow is going to be a very interesting day.  Will there be some kind of Central Bank action to propel the markets above key resistance, or will the previous recession looking chart come back into form?  Only time will tell.  We may even know by tomorrow morning when we wake up as Europe will probably determine this one.

Three times in the past week 12,200 held.

It looks like 6 times 12,200 held as the ceiling since the end of October.

This holds true dating back to a month ago when this same level needed to be taken out if the deep recesses of the abyss were to be avoided.  Right now is about the time at the one week mark that the swap happened.  It looks like we will be in for a rough rest of this week, but who knows what Uncle Sam, Bernanke and the rest of the banks and media have in store for us.  

It may just be a Festivus miracle.

But it sure doesn't look like it.


UPDATE: 12/7/11 9:00

And there you have it...it tried overnight to get over and stay at about 3-5am over in Europe, but it didn't last.  Now to see how far it drops until there's more intervention or another recession (or continuing depression if you want to call it that).

Here's some news about that topic this morning.
http://www.ft.com/intl/cms/s/0/3d23a05c-20cc-11e1-816d-00144feabdc0.html#axzz1frYhv8Yj
http://uk.reuters.com/article/2011/12/07/uk-britain-manufacturing-idUKLNE7B601120111207
http://www.reuters.com/article/2011/12/07/italy-output-idUSL5E7N71KZ20111207

And here's a nicely done chart from Zero Hedge showing exactly why they had to drop the swap rate last week...because it was needed by somebody quickly.

http://www.zerohedge.com/news/we-just-had-rerun-bear-stearns-when-lehman-coming