Market view

Most bears celebrated a red close today and a sell off last 1 hour of the day - which I think were a classic bear trap by the MM's.

As I have mentioned Thursday , a pullback would target 1330-1333 and I were hoping for this to happend - as we woul get a much better looking inverted HS pattern. Right now it looks brilliant to me - and I read many people is looking for 1250 and there next week with a big drop to come next week, I just dont see it as:

1. We made a clear inverse HS pattern as seen on chart.
2. Bearish sentiment is still a bit too high currently
3. Silver, Oil and Commodities looks bullish to me
4. Someone bought heavu FXE(Euro) on Friday - but MM's dropped it down on low volume and bought on big volume. Who knows if anything good is to come with the euro by Monday.
5. The inverted HS pattern targets 1375 next week - and I still have an objective target to the 78.6% fib retracement at 1381.61 - for sure we could go higher , but this is just an important fib from 2007 top to 2009 low which I think we will reach.
6. FXE euro closed right at trendline ready to blast higher
7. All indexes closed ABOVE big support areas : DOW : 12.500 , NASDAQ : 2800 , SPX 1330 (all bullish closes)

Either way monday will be telling cause if we break below support at 1325 - we could see some heavy selling - but as long we stay above this level ( also on a possible gap down monday ) then the bulls are in charge to new highs.

Good luck and have a nice weekend