Wednesday, 16 January 2013

10am update - Weak Wednesday?

Well, here we go again. Minor opening declines, and we're still stuck close beneath the 1474 mid-Sept high. Mr Market remains seeking a break...>1474..or back into the 1450s..and then 'somewhat lower'. VIX showing zero concern...almost flirting with red.




I think the MACD (blue bar histogram) is to be highlighted across the next few days more than ever.

At the current rate, we'll finally see the sp' MACD go negative cycle by about, prime time for a major one day fall (15/20pts) will be Friday/Monday.

First retracement level zone is 1445/40...and that could easily be all we get down to.
The lower gap level of 1425 now looks exceedingly tough to reach.

I remain short, seeking those sp'1440s for an exit, although I'll bail in the low 1450s this Friday, if I can get it...since we're closed Monday, and in options land..there is little point holding across a 3 day weekend.