We have healthy lookin' cup-shaped basing pattern for S&P500.
It is also supported by
* Market watch http://www.marketwatch.com/story/stock-averages-in-bullish-pattern-2012-08-16
* I Know First algorithmic system http://iknowfirst.com/Algorithm
positive stance on the markets.
Antonis Samaras will find out next week when the Greek prime minister visits the German chancellor in Berlin to find out whether Greece has more leeway in its uphill and almost certainly fruitless struggle against austerity and debt. Probably he will see both sides of the German leader on display. Angela Merkel: the Janus of our time. In her policies on economic and monetary union (EMU), she dexterously looks both ways.
She’s certainly straddling a thin line between backing Germany’s traditional stability-oriented principles while avoiding being branded as the woman who ended Greece’s heady and ultimately luckless experiment to fix its exchange rate with Europe’s best economy.
“We think there is a good chance that investors will reassess their current enthusiasm over the next couple of months as headlines out of Europe and fiscal cliff worries here at home temporarily take a little steam out of the market,” said Scott Wren, senior equity strategist at Wells Fargo, in a note.
While economists debate whether a Greek exit — or “Grexit” — would ultimately be a good thing for both Greece and the euro zone’s remaining 16 members, uncertainty and the prospect for chaos are more likely to trigger another round of turmoil across global markets in the short run, strategists said.