The Bear argument…

Have you just seen the highs for the rest of the week in the SPU? confirmed by the rejection off the lows in the 30 Yr. along with the match off the 1/2 retrace in the Euro cash..coupled with a Double top in the Crude oil on the point & figure chart @ 86.75 (DEC)?

MidCap 400… Fib resistance is 83900-84000..this represents a 30% re-trace of the year.

The Bull argument…

AUD/JPY has done nothing but remain firm.. The Dec S&P 500 Futures need a close below 1182 for confirmation we’ve seen an interim high. This close would put in an outside reversal downside pattern,which seems an unlikely outcome at present.

The U.S. 30 Yr. could get as low as 137 on this swing. The Bunds could print 132.

It’s going to be a long day, and we are waiting for tomorrow to assess price action to determine additional RISK ON Assets.

Short term traders should pick a side and keep it tight. We’ll be in meetings until later today.