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No post yesterday as my futures and forex charting package was down. The question today is whether Santa is going to show up for a rally this year, as we're running out of time now. There is definitely some reason to think that we might have made a significant low yesterday, as ES put in a slightly lower low, on positive divergence, and we now have a very nice double or W bottom setup there which would target 1255 ES on a break over 1225:
Data released this morning showed a rise in the Housing Market Index, as shown on the graph below (courtesy of www.forexfactory.com). The graph shows a very soft housing market since numbers fell below 50 in 2006. There are more housing and home sales reports coming out each day this week…will see what the trend shows in those and subsequent market reaction.
