One important issue stands to be decided next week. The whole reason for this brisk rally is a hope for ECB to cut rates next week. What if that rate cut does not happen? What if it is all in the price, and traders sell on news? Then I think there is a chance for continuation of the short-term downtrend, and a much lower target to complete the projected move down to 7050, with scaleouts @ 7270 and 7170 on the way there.
click on chart to enlarge |
Hi MV!
ReplyDeleteCan you please create a post with your short, medium and long term view related to SPX 500? I'm interested to see what's your opinion.
Thank you,
Vali