Market is awaiting Fed Chairman Ben Bernanke tonight. All the expectation is for QE3. Will we get it? Well yesterdays Retail Sales figures were bad adding to expectations. When the market is like this we have to wait and see the outcome rather than speculate. An announcement of QE will send the market crazy while no mention will cause a selloff.
The levels are with QE a break above 1.2325 on the Euro and 1360 on the S&P
No QE and we will test the 1.2166 low and 1333 on the S&P