8:23 AM
The SPY pre-market shows a big bounce of more than 2.5% supported by a huge bounce of DAX (>3.5%). A technical bounce accelerated by short covers and by a fresh hope about debt crisis action or/and by any other explanation?
But most important to me is the bounce is strong and I will increase the anticipated resistance of this bounce to 121.00 and will consider intraday pullbacks as chances to go long. => If the user was decisive and swift enough, he may credited the setting 2 times +0.50 and +0.70 point. If he is strict, he may give +0.70 only.
Integrated Score from 11.23.2011: 0.5 + 0.7 = 1.20
Outlook for Tuesday 11.29.2011
1. EURUSD daily: Seems that the bounce has been capped by 1.3407 as I expected. A hesitation is seen at this moment and I suspect that 1.3212 may be revisited in few days.
2. SPY daily: With yesterday's huge bounce, the price got out of the steep falling channel and that wants to say some hope is looming. Bulls may try to test 121-121.5 first and at that levels Bears may resume their battle.
3. My Game Setting
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.
Bears: No Bears Setting because of today's "Euro Chiefs to Meet". I consider it a high risk for Bears.
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