The S&P confirmed a negative closing also yesterday favouring the 1170 undershooting this morning. The US market formed a gap up on the way up at 1166,50 – 1171,00 that it could close today with even a possible extension toward the 1160 area where we still want to increase our position further!!
The indicators of the daily chart are still well negative as well as those of the s/t ones where we have also oversold condition showing also potential positive reversals. The drop started however also forming bullish divergences in the hourly chart supporting a negative tone. Despite the negative scenery we strong believe in a firm rebound suggesting a 1200 overshooting, but probably only after a 11670 undershooting, that we’re going to buy!
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http://www.easyforexnews.net/wp-content/uploads/2011/11/SP500-11.23.pdf
FUTURE TREND RESEARCH