MIB has broken yesterday the rising trend line and fell almost 700 points. The european summit that starts today brings high expectations regarding the measures that the european leaders will take to battle the debt crisis. The MIB like the rest european indices has broken the rising trend line. The top is in or will another impulsive upward wave start soon. Lets wait and see.....
DJI and SPX are consolidating the last days. The market will most probably react to any news that comes across the Atlantic regarding european debt crisis and what France and Germany will decide to do. In my humble opinion even if the markets react positive to any news from the summit, 1280-1300 spx is major resistance. Long positions with strict stops and intraday targets to take profit will be my tactic.
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