Yesterday the U.S. stock market dominated by the optimistic mood among market participants.

So yesterday published data on GDP, which in the 2 nd quarter was -1.0%, which coincided with the previous value, but it was better than the expectations of experts.

At the same time the number of initial applications for unemployment benefits fell by 10 thousand to 570 thousand, which almost coincided with expectations.

Today, market participants should pay attention to data on income and expenditure of the population.

At the end of the trading session U.S. stock indices closed in positive territory weak /Dow Jones 0.38%, S P500 0.27%, NASDAQ 0.16% /.

From a technical point of view, yesterday the Dow Jones tried to develop a correctional movement in the early trading session, but bears were content with a fractal on sale at the mark of 9464.01 points. Later bulls seized theinitiative and rushed to the fractal for purchase at around 9619.55 points, which proved to be a good level of resistance to the optimists.

In addition, the Dow Jones index was still traded near the upper limit of the divergent formations in the vicinity of 9600 points, which is a major resistance level.

In addition, the hourly chart of the MACD indicator formed bear divergence, and the indicator Stochastic's on sale.

On the daily chart optimists again triumphed over the Bears and correct growth of 8 July only to 9120 items, representing 23.6% of Fibonacci, and then organized a new round of growth by 9600, more 9637-9796-9945-9955 -- 10159 points.

on the daily chart on the indicator MACD bearish divergence. Indicator Stochastic's is buying in overbought zone.

From a technical point of view, yesterday, the MICEX index opened below the previous closing level, after which the bulls bought the morning gap, but to develop their success could not.

In the second half of the trading session, the bears and bulls were fighting a local significance in the side of the corridor, and after opening the American market bears struck the final blow to the bulls. The volume of the trading session totaled about 50 billion rubles.

Yesterday, the MICEX index, after a morning gap, trying to continue building a rebound for 1110-1116 points, but the bulls have managed to reach only up to the maximum protection in the area of 1105 points. In this case, we want to note that when the market bounces are minimal, it may be a sign of changing attitudes to the bull to bear.

As a result, in the second half of the session, the MICEX index to consolidate in Comma delimited with 1085-1105 points, but after opening the American market, the precious items abroad in 1085 finally yielded pessimists.

So, today we offer another local layout of the MICEX index, which will give another chance to optimists, the truth is only a local one.

Because Bears broke the 1085 points, now in the best case, we Spread yesterday's bounce-Comma delimited as a 4th wave, a further decline as the 5th wave target 1073-1066-1053 points. If this hypothesis be true, then the bulls will organize a rebound of 50% -61.8% of Fibonacci from falling.

In the worst case, the reduction will continue, and Comma delimited Wednesday-Thursday will be treated as a failed rebound and now will be to build momentum.

also worth noting that the MACD indicator is being implemented bear divergence. In addition, the indicator Stochastic's are on sale.

In the short-wave point of view, this week MICEX continued formation of a large corrective rebound by 20% -40% of the fall of 1040-1085 - 1140 items, representing 50% -61.8% -76.4% of the total Fibonacci fall.

So MICEX Index began to form a wave with a view of the double zigzag abc. On Tuesday, the MICEX index formed a jump to 1135 points, which most likely was completed, so finally can begin a new stage of decline. The final mid-term break after 970 points, long after the 882 points.

As optimists, they will see the formation of the 5th to subvolny 1230-1330-1402 items, but for this MICEX index should not take 970 points, as well as to overcome the 1,182 points. In this wave, they see the formation of the 3rd wave of small to 1210-1250 points.

Nearest daily fractal for sale is located on a mark of 852.03 points, while the daily fractal purchase is located on a mark of 1130.51 points. Local fractal purchase is a mark of 1147.28 and 1135.84 points, but on sale at elevations 976.78 and 1013.79 points.

Yesterday we were advised to sell locally in the rebound, and thus open shorts after overcoming the 1085 points. Today, we recommend closing short positions, while market participants to be ready to rebound to 38.2% -50% -61.8% of reduction of Fibonacci.

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