Monday, 5 December 2011

S&P and eurusd focus today....

Eurusd still doesn't look impulsive, but there is a possibility we see a double 1-2 waves that will lead much higher. This is invalidated under 1,3260. Preferably I would stay out of the market and wait for the end of the week to see things more clearly.
SPX has major resistance 1262 and I believe it is more possible to see 1240 and lower. Uncertainty over european debt is the main focus specially this week. Futures as seen in the chart open strong with more than 10 point above fair value. This however may give another chance for selling near the friday highs....If the market opens above 1262 that would change our initial target which is below 1240. 

Update 19:27

The market holds right on its resistance....some may say it has been broken....I think it is in a topping process. It may crawl towards 1275-1280 max....but I still see a good downward correction if not an impulsive decline.

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