sp'60min
sp'daily5
Summary
The bulls have very strong rising support @ sp'1650.
Considering there are two mid-size POMOs this Tuesday and Thursday, bears are going to have a real tough time just getting a single daily close in the 1640s.
Yes, we are really in overbought territory on a few cycles, but its generally going to be a rather quiet week, and that will allow the algo-bots to take control for much of the time.
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The only bearish possibility/feature of the week is the Bernanke's appearance in front of US congress this Wednesday. Its very possible Mr Market will use him as an excuse to decline, but as noted..we have a mid-size pomo of 2-3bn the very next day.
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*I am on the sidelines, will look to be long Oil in the days..and weeks ahead.
Good wishes for the week!