Dec 8

Weekend Outlook for 9th December 2013 – Markets topping out


So far we have been following roadmap on SPX with mkts topping out at 1810-1815 and as we hit 1814 markets gone down.

This week I were expecting a bounce back to 1800-1810 before we go down again , and on Friday markets gapped up on job numbers.

If i’m right in what i’m seeing we are forming a topping pattern – so i’m expecting another flush down in markets to next level 1740-1750 in the short term. We should see a -10% correction from current levels.

Conclusion: Currently I think we are forming a top pattern , if we break above 1814 then likely we are going to 1820-1830 next,, but as I see a topping pattern I think the next level will be 1740-1750 to the downside so this correction should have started now. I’m thinking we could see the support down to 1600-1650 before we end this correction near the larger trendline on the yearly chart.

 

Comments (4)

Add a comment

  1. Fatal error: Uncaught Error: Call to undefined function mysql_escape_string() in /home/customer/www/sqwiitrader.com/public_html/wp-content/plugins/mingle/classes/models/MnglUtils.php:9 Stack trace: #0 /home/customer/www/sqwiitrader.com/public_html/wp-content/plugins/mingle/classes/controllers/MnglAppController.php(429): MnglUtils::get_user_id_by_email('liborval@seznam...') #1 /home/customer/www/sqwiitrader.com/public_html/wp-includes/class-wp-hook.php(309): MnglAppController->override_avatar('<img alt='' src...', 'liborval@seznam...', 40, 'mm') #2 /home/customer/www/sqwiitrader.com/public_html/wp-includes/plugin.php(191): WP_Hook->apply_filters('<img alt='' src...', Array) #3 /home/customer/www/sqwiitrader.com/public_html/wp-includes/pluggable.php(2872): apply_filters('get_avatar', '<img alt='' src...', 'liborval@seznam...', 40, 'mm', '', Array) #4 /home/customer/www/sqwiitrader.com/public_html/wp-content/themes/sqwii/library/tfuse_mods/thememodules/theme-comments.php(71): get_avatar('liborval@seznam...', '40') #5 /home/c in /home/customer/www/sqwiitrader.com/public_html/wp-content/plugins/mingle/classes/models/MnglUtils.php on line 9