Asia and Europe markets are welcoming the Italian austerity plan and I expect the same thing may happen to US markets today. However some caution may need before the press conference of Sarkozy and Merkel meeting in Paris today. => Positive reaction against the Sarkozy and Merkel meeting and Italy austerity plan. The pullback caused by S&P warning to downgrade 17 Euro nations.
I tend to favor Bulls 60% against Bears 40% for this week.
Bulls: Long on the way up to test 126.50 - 126.70 -1 28.40 => Bulls controlled the markets till 13:00PM. Bought 126.60 sold 127.10 scored +0.50.
Bears: Short on the way down to test 123.80 - 123.18
Accumulated Score from 11/23/2011: 2.30 + 0.50 = 2.80
1. EURUSD hourly slight green at the moment but I think it may turn red to test the support line of the rising channel.
2. SPY daily: Some indicators considered to approach the overbought however most of them not yet. I think Bulls still have room to advance.
3. SPY 30min: The pullback from 13:00 PM yesterday may continue for today. However, if Support 123.65 holds, then Bulls may fight back tomorrow.
4. My Game Setting for Tuesday 12/06/2011
I maintain to favor Bulls 60% against Bears 40% for this week.
Open red scenario:
Bears: Short on the way down to 124.25 - 123.65
Aggressive Bulls: Buy on dips
Cautious Bulls: Off for one day
Open green scenario:
Bulls: Long on the way up to 127.10 - 127.70
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