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The McClellan Oscillators are about to re-test the zero line. If the test is successful, we ought to see higher prices by the end of the week.
The Quantifiers are testing the zero line. If it holds, we ought to see higher prices for the rest of the week.
SUMMARY Last week we said, "Most of the indicators are pointing down while seasonality is highly positive. Therefore, the odds do favor some sort of weakness with a renewal of buying interest later in the week. NASDAQ offers the best forecasting "picture" for the following week, and thus, we have chosen it as our "proxy" for what we ought to expect. The three most possible scenarios--and their probabilities as calculated by our system--are illustrated below...(link)" This week we have a mixed picture with some indicators testing the zero lines, and others still rising explains the modest weakness early on in the week. It should be noted that in the last 10 years eighty percent of the time, December OPEX week has turned out to be a positive one. Therefore, yes, something can always spook the market, but the odds are against you betting on it. We expect a bottom on Tuesday and an overall positive week. Also, please read: Market Timing. On another note, keep an eye on the XAU. If the 138-140 support level holds and we get an upside reversal, then the XAU can easily rally 15-18 points over the next two weeks. Please note: This is my last article for FSO. If you wish to read my thoughts on the markets going forward, please visit: http://marketviews.tv, or http://aegeancapital.com. Ike Iossif
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