Friday is opex.. and that usually leans in favour to the equity bull maniacs. However, there are exceptions, and the current daily/weekly cycles bode for increasing downward pressure into next week. As things, US equity indexes are set for a fourth consecutive net weekly decline. Ohh the humanity!
sp'weekly8e - H/S, failed head test
re: weekly1b... last week's candle was spiky.. and its not surprising to see new lows broken this week.
re: weekly8e: this is essentially what Oscar Carboni has been touting for many.... many months. Indeed, its pretty bizarre to think that Oscar has been leaning bearish since last Autumn.
...and yes.. I realise some of you get riled up at the mere mention of Mr C).
Anyway... by default.. the H/S scenario... is suggestive of sp'1600 (at min').
Friday will see Existing home sales.
It is OPEX of course.. so expect increasing price action into the weekend. Considering recent price action.. it'll likely be choppy.. but leaning on the downside.
A hit of the 200dma to sp'2011/10 is very viable tomorrow afternoon.
Goodnight from London