Thursday 2 August 2012

1pm update - sp'1340 first target

With the market starting to finally recognise that neither the Bernanke, nor Draghi are going to do anything in the near term, its time for a major down wave to begin.

We have the daily cycle rolling over yesterday..and today is good confirmation. We should (in theory) get further declines tomorrow, with our first attempt to break the lower channel of 1340.

Bears should be seeking a Friday close in the 1330s.


sp'daily



sp'weekly


Summary

1325 remains a key target - as best seen on the weekly chart.

A few daily closes under 1325..and we 'should' then get 1225/00 somewhat quickly.
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Ohh, and FB is in the teens, hahahahahaahahhahhaahha

*the really laughable issue is that its still overvalued by around 70%