Monday 14 May 2012

2pm update - can I stomach holding long overnight?

The market is still crawling upward on the important 60min chart. To hold..or not to hold (long overnight)...that IS the question. The daily MACD cycle is low, there is still significant potential of a mini-ramp to the 1370s at any point.

Best guess right now for any ramp would be 1370/75. I think even 1380s are now out of range. The key issue is that we have arguably confirmed the bigger H/S formation on the daily chart...so all that talk of sp'1270 is still on track for end May.


Sp' H/S formation



The bulls will want to see a close over the 10MA of 1349, although lately that has not been such a good indication of further gains the next day. We'll see.

*update...just got kicked from my index long, oh well, seems I won't have to decide after all.

I won't be meddling in the market any further today.

More later...the rest of the day will be interesting to watch.