Monday 8 August 2011
Big Monday
Today's and tomorrow's market reaction to the downgrade will be crucial in establishing price action for next few weeks.. - Overnight futures on the S&P made a mild new low after gapping lower on the open, the gap has remained significant until now... However it will be what happens in the US hours which will be crucial. - The cash low on Friday at 1168 was a fraction above the 61.8% retrace of the 2010-2011 rally. - I guess this level will be significant and crucial in the short-term.
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