Weekly review / Седмичен преглед

SP500 keep moving in the range between 1120/1140 and 1200/1220(see the hourly chart). I have thought after the strong sell off last week the final leg down has begun... but the SP500 stayed in the range. What that means? Last two weeks I mentioned that the DAX has bottomed and for SP500 there is no much left on the downside. This week action just confirms my expectations.

Now there is two scenarios for me - last final push lower next week, or we have already seen the bottom(DAX double bottom, DJ double bottom and SP500 higher low). I will stay with the plan - a low between 1100 and 1080 and DAX making higher low, but I will be very careful.

Short term - I will wait for the opening on Monday... from the chart I expect short living push to 1120 and a rebound for a day or two. The strength of this move will show us which scenario is playing out.