Yesterday’s forecast called for a dip to the 50-day moving average. From the members’ section in our initial post:
I’m looking for the initial move to take SPX to our 2046.7 target, with a secondary target of the SMA50 at 2043.90. If that should fall, the next strong support isn’t until the white .618 at 2032…
Quick update…2nd target hit, and a 50:50 shot on the third. VIX and bonds suggest it’ll happen tomorrow morning. But, TPTB might easily hold the line here. Hold the short only if you can hedge and/or handle the overnight risk.
For the umpteenth time, news (founded or not) out of Greece dominated the overnight sessions. Zerohedge has been running a story (citing Bloomberg) that — following offers from Russia and/or China to fund its deficits — Greece has obtained a 6-month extension on its debt deal with the ECB.
Predictable, markets have ramped higher. USDJPY broke through the trend line off the Dec highs — sending ES up over 12 points as we go to press.
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