The SPX 500 sits about flat from yesterday’s close on the S&P 500 (as of 8:45am EST). Greece looks to have secured its bailout funds for now. Markets have remained propped up and the EUR/USD currently sitting above 1.31.
As the US enters into an extended weekend we could see positions being squared up. Monday is a US bank holiday and don’t forget that Moody’s was attempting to warn of Global bank downgrades. However the trend is still bullish and with little economic releases we may just see consolidation
If you are looking for a bearish reversal we may have to wait towards the last week of February as trends tend to make the high or low at the beginning of the month. On February 27th there is a German Parliament meeting and on the 29th there will be the speculation of LTRO.
