Good morning. The skies are somewhat grey over London city...that's good bear weather. Futures are showing sp-13pts, so that would open us around 1322 - a new low, since the 1363 wave'2 peak.
First target for today and tomorrow is 1305/00, possibly 1290s. As noted last Friday, if the market gets spooked by 'EU concerns' or underlying lousy economic data, then a swift move to 1225 is viable. That would give everyone a good scare ;)
*10am econ-data - new homes sales.
The 15min cycle could easily fall until 12/1pm. From a MACD (blue bar histogram) cycle perspective, the hourly cycle is pretty low, but..the price chart is obvious... bear flag...and this mornings futures confirm the flag.
Downside target of 1305/00 might be hit later today. if not..then tomorrow.
My trading plan. Default trade remains short until sp'1150/00. I might exit later this morning if we are down near 1315/10..and then re-short a few hours later. You know this market likes its mini intra-day ramps!
Good wishes for the week ahead....updates...across the day...