Hi traders and Happy Holidays for all of you!
This week, I made 4 targets for both side cause of Holidays.
I like the big drop till ~1424.00 on Friday.This way it shows me that the Market respects my trend line.
Few thing to take in consideration for next week: "Blue Trend Line" , My "Green Up Trend", and "Fiscal Cliff" "Blue Trend Line" : As you can see,1429.00 was a resistance and support for long time. And because we close above 1429 ,for next week, it will act as a Support for buyers. "Green UP Trend" : As you can see, is a good thing that we had this sell-off on Friday, this way, we have space to go Long and go higher than before. Market looking to go back in my "Up Consolidation Zone" "Fiscal Cliff": If US fix this discussion in a positive way, we go "Long" if not "Short". Personally,(is only my opinion)....I would be very surprise if they don't agree on something before the dead line. Direction: I'm looking for "Long" only...as usually I will take if I have my[...]day trading course
A setback in budget negotiations late last week generated fears that the US was closer to going over the “fiscal cliff” of automatic tax increases and spending cuts, which led to significant risk aversion before markets closed for the weekend.
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