Monday, 19 December 2011

61,8% retracements hold...for now (SPX-EUR-DAX)

 Markets quickly bounced back up from their fresh lows Monday morning. SPX futures near 1203 and DAX futures falling more than 1%, bounced again upwards from the 61,8% retracement area. This area is major support and SPX 1200 (future) looks able to hold it for now a give another push higher.
 EURUSD looks corrective but still able to move up to 1,32......1,2950 should hold for any upward chance. Medium term targets are below 1,28.
SPX still unfolds overlapping waves and no clear impulsive move.....Short term tartget, if 1205 spot holds, is 1249. All in all we have short term bull view towards 1249 but 1209 spot  should definitely hold.

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