Thursday, 19 January 2012

S&P will it finally top or not?

What is going on with this market? Are things going to fix themselves in macro level or are we just being fooled? I don't see in macro level that something has changed. European debt crisis is still a worldwide threat (eurusd has fallen sharply the last few weeks) but the markets rally.....I expected to see a top but instead we see new highs....Is it a short squeeze? is it a new upward trend? For one thing I'm sure....I refuse to get long at these levels. At least spx futures will see the lower blue line. Then we will see if I change my mind. Shorting at these levels is at anyones discretion. If I had no position I would sell at these levels of important resistance for spx. 

At any minute we can see the gains from the last 2 weeks being erased in 2-3 days time. Be very carefull if you enter long positions. I expect first stop at 1260 spx and then below 1200. I don't see Prechters scenario for lower lows from 2009 March (yet).

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