Market view

Markets up for another day , and my longs in TNA just working brilliant and longs from SPX 1322 too.

We got an intraday pullback and I were hoping for some more pullback to happend , but markets looks just so strong and every dip looks like getting bought lately which is really bullish.

The euro still moving higher as expected and called and I'm looking at least for 144-144.5 on the euro FXE, which means markets should move higher still...

Looking back from March 2009 I found out that markets bounced from the trendline since 2009 lows - which it has done in the bottom of 2010 - bottom in february and seems like bottom in may bounced from it again - if we take this trendline out , I believe we are going to see a bigger correction comming , but for now seems bullish still with an objective target of 1381.51.

The longer we remain sideways in the consolidation phase , the more we boom to the upside , as the trendline from the recents tops will be at a higher level each day... so the upside will big higher in that way , so actually its a good sign that markets have had a pullback.

Remember - there IS a possibility we get a pullback soon before we take off higher next week with some window dressing to begin end of month - but time will tell.
On the very short timeframe markets were in a pennant pattern - which could either breakout or breakdown - so really no clue if we do a breakout of breakdown - but the euro chart looks so bullish to me , which indicates a breakout most likely, but a pullback would make the inverted HS pattern look a lot better too... time will tell us

Either way - I remain heavy long and expecting higher levels to come - a little pullback or not , but if we see a pullback I would like to see markets hold above 1328-1333.



Have a nice day !