Thursday 19 April 2012

12pm Update - back below the 10MA

Yet another hourly failure for the bulls..who are surely losing hope of 1390/1400 in the near term.


Sp'60min




Sp'daily



*Special note again...the 10MA on the daily is due to cross under the 50day MA either late today or early Friday. This is a very BEARISH event! The algo-bots will be selling into every minor up cycle.

A close in the 1370s, still seems like a very valid target for today, despite that crazy 10-11am ramp hour.

One final note..VIX has been very slow to respond, but it looks like its floored on the 60min...so..we should see VIX ramp into the close.

time for lunch!