Are Markets Welcoming QE3 ?

Market now are looking for possible QE3 here , And are in the process of making temporary bottoms here. We are seeing a reasonable bounce from here onwards, And are getting a strong support around 1150 on S&P 500.Take a look at my previous blog entry for possible QE3(http://gamatraders.blogspot.com/2011/06/market-correction-or-collision-course.html)





Levels to watch on S&P 500 are :

Resistance Levels
1. 1200 Immediate level to watch out
2. 1275 is level that broke the entire market down.

Support Levels
1.1125 level is crucial level to watch out
2.Breaking the previous will take us to 1000 on its way t0 900 levels.

There are no prominent central banker schedule for this month (FYI :http://www.centralbanknews.info/p/central-bank-calendar.html) but remember the central banker can intervene any time they want as they are busy with their heads banging all during the crisis which started in 2007.Did FOREX (USD/JPY)a possible leak of QE3 ahead of the FED intervene.Take look at the charts with long candle suggesting a devaluation of dollar in play.



Happy Trading.Good Day