Market view

Well yesterday we got gapped down as I said that the 30 min and 60 min indicated a bit lower next day before a major move up. I still believe this scenario and think that we are about to breakout to 1210 this time. 30 min and 60min now indicating that markets should most likely start with a nice rally today and probably continue. But looks like we could reach 1200+ or 1206 today before a little pullback and then higher to 1210-1215.

But take in mind though, that my weekly charts still indicate that the markets should head down, but markets been so strong and consolidating, especially IWM(small caps) , which is near highs.

There is a potential HS pattern in markets and I believe it could play out, but before that 1210 to lock in rest bulls before a slam down. 7th December is bank runaway, could be something near that date to start a sell off with potential more news from Korea, Spain, Portugal....

But all in all, when we come to 1210-1215 area I am going to watch closely, cause I am thinking of a big fat move down, but if I am wrong and we move past 1228 - then we are on our way to 1250 and probably 1300.

So all in all - looking for breakout higher over next few days before a big move down. I think the USD needs to pullback for a week or so, and you could nicely trade eur/usd going long for some time near term imo.

But lets see have a nice day