11:39 AM Update
I am very sure that I had made a bad call today. Market is driven by news and policies that the TA couldn't uncover. I close all my longs with loss
Reviewing Game Setting for Wednesday 12/07/2011
I maintain to favor Bulls 60% against Bears 40% for this week. => Closed in green. Bulls are in control.
Bulls: Long and watch for resistances 128.02 - 128.40
Bears: Short and watch for supports 125.40 - 124.54
It still was a day to win for those who could buy on dips. However, the gaped down open was that I meant Bearish scenario. That's why my Game Setting was a bit confused.
EURUSD: The relevance of this pair with US-stock markets may become less rational in the coming time (That was what we saw yesterday) if the following things happens: ECB cuts rate and ECB increases it's bonds buying participation. Therefore I will no more use EURUSD as a tool to support my US-stock markets forecast
SPY 30': Seems that an Ascending Broadening Wedge is forming. I tend to think a green day can be seen today.
My Game Setting for Thursday 12/08/1011
I maintain to favor Bulls 60% against Bears 40% for this week.
Bulls: Buy on dips/pullback was proved profitable last 3 days and it may be continued today.
Bears: Be cautious in front of Euro Summit.