The SPX daily counts a SEQ daily 12 today, confirming my assumption that next week is an upside week - basically due to some legal price manipulation, which is called 'window dressing'. The bias might be rather on financials as the BKX made the 13 count today and the NDX Seq being at 9 count is lagging. The 850 support level should mark the low for now and a move to 900 is the aim of the upside move next week. Thereafter, another test of 815 early January should follow.
Tuesday, December 23, 2008
SPX market update
The SPX daily counts a SEQ daily 12 today, confirming my assumption that next week is an upside week - basically due to some legal price manipulation, which is called 'window dressing'. The bias might be rather on financials as the BKX made the 13 count today and the NDX Seq being at 9 count is lagging. The 850 support level should mark the low for now and a move to 900 is the aim of the upside move next week. Thereafter, another test of 815 early January should follow.
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