Having fallen from sp'2081 to 1812.. along with WTIC Oil imploding from the $38s to the $27s, it would seem its a case of bearish exhaustion. A short term floor appears in, with the market set to battle upward into February. Any bounce though.. is just that.. a bounce. Mid term targets remain unchanged.
re: sp'500: its possible equities will see a moderate net weekly gain, but regardless, it would seem 1812 is a short term low.
A rally into early February to the 1940/70 zone looks probable.... along with VIX 20/18s
re: WTIC oil. Oil looks to have a short term floor of $27.56, and looks set to break/hold the $30 threshold. From there, the $35 threshold.
The underlying issue of over-supply remains COMPLETELY unresolved. Renewed weakness looks due.. probably to the teens, before there is adequate industry capitulation.
.. and the same issue applies to the (often overlooked) mining industry.
Friday will see PMI manu', existing home sales, and leading indicators.
Goodnight from London