Reviewing My Game Setting Tuesday
Bulls may try to test 121-121.5 first and at that levels Bears may resume their battle.
Bulls: Limit the target at 121-121.5. May even consider to lower it down to 120.70 if it gonna be unfavorable. => It was a good call, Bulls had many chances to sell at 120.70.
The Setting is worth to get +0.70 credit score if it said "Buy below the 120...".
Bears: No Bears Setting because of today's "Euro Chiefs to Meet". I consider it a high risk for Bears.
Integrated Score from 11.23.2011: 1.20 (unchanged meanwhile it should be getting additional +0.70).
Market Outlook for Wednesday 11/30/2011
2. EURUSD daily shows heavy the selling pressure at 1.3407.
3. EURUSD hourly: Seems a rising wedge was formed and broken at 1.3317 at 2:00 AM that says the downward continuation trend is at higher odds than the reversal and that resumes downward pressure on stock markets.
4. SPY daily: Bulls was unable to win the 121.xx and 121 seems the goodbye kissing in short term. My reading favors a red day today.
5. My Game Setting
Bears: Short 119.00-120.30 target 118.25-118.50
Aggressive Bears: Overnight exposure and target 116.32 - 116.82
EurUsd is sitting above 1.3407 and trying to beakout the rising wedge to make a reversal. It's price action certainly favors the bullish reading/setting of stock markets.
Update my Game Setting: Nullification of the above setting because I don't know what standing behind this pre-market huge rally.
I need time to digest what they say "China move gives Europe stocks a boost". Anyway chasing a huge move up is risky.
I may be a short term trend follower to buy the intraday pullback for day trade.
PSEC long settup: Price breaks out MA50 and trend channel, above Ichimoku Cloud. Stochastics and RSI9 crosse over.
I went long @9.11