Tuesday, 17 January 2012

SPX, EURUSD,MIB charts...

 SPX still making new highs, has made a three wave decline (corrective) when the downgrades were anounced, but it pulled back up during yesterdays holiday and still rises today. I think this market is topping.
 EURUSD as mentioned on TWITTER has a bearish outlook...the 2-hour bars make me feel bearish, combined with the 61,8% retracement. The whole move looks corrective and I believe it may be over. At least short term I would use todays high as a stop for a short position I just opened.  Longer term the market is still in the downward sloping channel.

MIB hit on the top resistance of the triangle and pulled back. I feel bearish at this point in this index. Euro falls sharply as I write this,spx futures are pulling back and so MIB. The top can be in.

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