Friday 20 July 2012

10am update - first break

Bears are close to breaking the hourly cycle up channel. VIX is showing a moderate increase of +6%, but it is at least confirming the opening index declines.

*it should be noted, the hourly up channel has already been broken on the Rus'2000 index, which interestingly was also the one index that closed red yesterday. Is the R2K the leading warning again?


sp'60min



sp'daily5


Summary

We're seeing a rollover on the daily MACD cycle, as I've been touting since the start of this week.

However, it is opex...we're more than likely to get a bounce by late morning.

Lets be clear, we could still close higher, the algo-bots  have been in a powerful melt-up mode this past few days. There has also been some kooky action by the bots in stocks like MCD, IBM, and KO.

More later