SPI Futures
Market continues towards the 4th Quarter target @ 4900
Helped by the S&P 500 moving higher on the news that the Fed is about to print $600 Billion to stimulate the economy.
In the short-term, the market is either going to continue to push up towards next week's highs @ 4876 and then 4900
Or
we look for a minor corrective move back to retest the breakout & 4724-52
Note:- 4900 is the target for this Quarter.
This level may resist the trend for a number of weeks, or it may not (December)
What that means is, the 'THRUST PATTERN' from the Secondary cycle @ 4582 can last 2 quarters and continue into higher highs by 2011.
If we follow the primary cycle, that can be as high as 5200.
for the market to move towards 5200, banking stocks need to find support in November and then begin a gradual rise from the start of December.
