Monday 2 July 2012

3pm update - closing hour doldrums

A little micro-rally, market wants to close over the FOMC weekly peaks of sp'1363. From a chart perspective, its important, although I don't much care a few pts either way.

What is clear, bears can't be confident until much lower levels achieved, whilst bulls will merely be content with low melt-up towards the big 1400 level.


sp'60min



sp'daily5, 4mth


Summary

It is a quiet day, most traders should probably just turn off their screens and come back on Thursday morning - when the ADP jobs number is released.

More after the close