Friday, 30 December 2011

Consolidating or topping?

 Last time I mentioned that a top was forming SPX fell about 60 points to 1202. This time I think things are going to get more ugly. Eurusd is in a downward trend channel and stays frimly below the upper trend line. New lower lows and lower highs confirm the down trend.

SPX is at major resistance area. I think the new year is going to start with a decline. Any move higher is likely to be a throw off. Medium trend changes to down if 1215-00is firmly broken. Then targets like 1150-1100 will be feasible. If anything changes our view will be posted on time. 

Next week I'll be away for vacations. Any update and market comments will come through Twitter since I won't be able to update the blog with charts. So if you want to follow, just take a look at Twitter. 

Happy new year to everyone

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