Market View

Futures are up at 1225 as I am writing, it tested 1204 this morning during asia opening hours.

It seems SPX has indeed made a low yesterday at 1209.47 and it should now resume the uptrend, targeting 20-23 Dec. I have targets in the range of 1300-1320. These are major resistances.

Today's rally has to be strong impulse up to mark yesterday as an turning point. If its weak, then it could still be in a bear flag, targeting 1200. Some fibonacci retracement targets, 1213 is 50% of the rally from 1158-1267. At 1200, it will be 61.8%. So 1200 can still remain a probable target.

Sentiment wise, many bears are appearing again, recent bulls have turned bearish. On technical charts front, it remained bearish on daily time frames. However, remember this is OPEX week and wild unpredictable swings are the norm. So usually during this period, I may not trust the charts fully.

ECB head will be speaking today and tomorrow, this makes it even more volatile.

21st Dec & 22 Dec has a cluster of cycles converging, hence these two dates should mark an important change in trend.

I will be updating these market views with charts soon ! Stay tuned.