Markets did have a great week for those who were bears and looking for more downside.
We started to get a rally into Bernanke FOMC the first days in “hope” more stimulus , however when the news came out , we actually GOT more QE as Bernanke said to keep going on until 2014. However the markets reacted very negative selling off in a hard way.
Very short term markets is oversold and due for a move higher. We hit the MA100 on Friday and this has been great support where markets bounced off hard. There is a chance that the correction might have ended on this Friday at 1576-1578 which means that the markets has been correcting from the highs around 100 SPX points and more from 1687.
I need to see the PRICE/ACTION from early next week if Friday was a low or not – if it was , we need a good fast rally from the Friday lows and if the rebound is weak , I think we get another sell off down to 1530-1560 area on SPX.
Gold/Silver at major support zones , especially silver at YEARLY support looking good.
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