Market can be in hesitation and in optimistic case could test 126.82/127.26

7:44 PM Update
US markets didn't close in green as I suggested. However as I said "Those shallow pullbacks, that 125.40 hold, are considered safe for bulls.". I played longs and I made money that I want to show you in real.
These items I keep over New Year:

These executed items all made money except HAS (HAS lost not much):

Please accept my greeting Happy New Year! to you and your lovely Family.

12:06 PM Update
Europe markets closed in beautifully green. EURUSD is in bouncing mode with some more room ahead. Fairly, US markets should be in green and I expect a close of SPY at about 126.50.

EURUSD is still in bouncing mode from the sharp sell-off on 12/28 and the low made on 12/29. This bounce may be continuing and that in turn supports stock markets for some days more.

SPY daily showed a nice bounce that pushed the price an inch above the MA200 and above the bearish resistance line 5/2/11-7/7/11 again. That favor the expectation that bulls may want to test the 126.82 or 127.26 before any substantial pullback.

SPY 5min trading range may be limited by boxes (125.40 - 125.78) - (126.33 - 126.82).

My trade setting for 12/30/2011
Those shallow pullbacks, that 125.40 hold, are considered safe for bulls.

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