The USA looks ready to take a small breather, a typical case after a big up day which heralded 2012 trading.
That would see the SPX down to retest the breakout line around 1240-50.
A more bearish scenario is that Tuesday in the USA was yet another lower top and will head lower still to around the 1200 mark, the 500 sma and 61.8% fib of this range.
Note that while our market is coming out of oversold, the US is overbought.
Against us today, the US influence and copper prices down overnight
mile thigh thursday., page-10
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| XJO (ASX) Chart |