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Wednesday, June 9, 2010

SPX weekly update

SPX made a kind of double bottom around a crucial level which was basically created by the SNBs currency intervention. Since the HFT have integrated currency moves - EURO plus triggers stock buying clearly until they fuck up again on that one - for now we have again a little mini rebound in the Euro which supports the short covering a bit but should return to negative bias later today. We still need to drop to the 1000-25 zone to get a stronger rebound and the upside should be limited to 1075 ( max should be 85) for today. the major indicators to earmark a low are nowhere close such a level yet although we are short term oversold.

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