12:43 PM update
I think it's moment to take money off the table. Most of my stock picks got profit: WDR FNFG RBCN SYMC...
12:07 PM update
Europe markets closed in red (the way they couldn't hold the green looks bad), EURUSD seems unable to make a bounce. It made me change my view: Bulls may try their best to make a slight green however it would be very difficult to make a new high for 4 days.
SPY daily: Chart reading remains bullish, my indicators reading shows a numerous of bullish signs and a few of them are approaching overbought territory. US markets should be encouraged by the bouncing mode today of Europe markets and EURUSD.
SPY 5min: My S&R box today are [127.000 - 127.40] - [128.50 - 129.25].
Trade setting for 1/6/2012
Seems to me that market may try to make a new high for 4 days. My target is about 129.25.
I may consider to reduce long positions at target, however I would not do any short. I consider a shorting now at high target as a front running!