Left hand the daily SPX and the expected downside bias is confirmed by todays price action coming from the financial selling pressure as Gıoldman and Morgan will be reporting this week and the 50 bil scam has some impact. Tomorrow's rate cut will be with a final decision for the car bailout sometime soon might trigger the upside again as we are in quadruple witching this week. The bias remains on the downside for a few days but as soon as the Seq 13 are in the yearend upside window dressing will be the dominating game for the last 2 weeks with plenty holidays. Therefore 815 SPX should be the floor for the remainişng year. Early next year we will test the lows of Nov. again and very likely make new ones as we wıll enter the earnings season of Q4 which should be very negative.
Monday, December 15, 2008
SPX outlook
Left hand the daily SPX and the expected downside bias is confirmed by todays price action coming from the financial selling pressure as Gıoldman and Morgan will be reporting this week and the 50 bil scam has some impact. Tomorrow's rate cut will be with a final decision for the car bailout sometime soon might trigger the upside again as we are in quadruple witching this week. The bias remains on the downside for a few days but as soon as the Seq 13 are in the yearend upside window dressing will be the dominating game for the last 2 weeks with plenty holidays. Therefore 815 SPX should be the floor for the remainişng year. Early next year we will test the lows of Nov. again and very likely make new ones as we wıll enter the earnings season of Q4 which should be very negative.
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