The topsy turvy continues with the S&P closing at a higher high on Friday on lighter volume. It looks as if things need to be settled above 1423.73, but I won't believe until I see it. The same holds for getting below 1398.23.
Meanwhile volume builds between 1400 and 1420. The move away from this area, regardless of whether there is a fake out first, is likely to be somewhat impressive.
AUDUSD and EURUSD are up, USDJPY is down (and I'm closing my short yen position from April 2011), metals and oil are up . . . so there is a slight Risk On bid today. But here too, I'll believe it when I see it.
I'd rather keep an open mind that anything can happen than get caught by making a wild guess. It's a Monday: a good day to let the morning rush pass by until things set up in one's favor.
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