Monday 17 June 2013

2pm update - general upside

Market has managed to merely trade sideways, whilst the very small 5/15min cycles are reset. There is viable upside into the close, although the hourly index charts are a little on the high side still. Daily charts are very supportive of sp'1670s within the next few days.


sp'60min


Summary

Its hard to call how today will close. There is a small chance of little wave lower, but the weakness is much less than last Friday.

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*I am largely on the sidelines now, merely holding a small SLV (short) block, but looking to drop that on any further down move.

I'll pick up a new index-long block, but...not right now. There is no hurry, not least whilst the hourly MACD cycle is this high.


2.12pm...minor snap on the indexes..kinda interesting. Does nothing to dent the primary upwrad trend though.

sp'1636/34...best bear target


2.31pm..well, we're in the target area. I've dropped SLV (short), standing by to pick up IWM-long


sp'15min


hmm

2.38pm.. clown channel'  it would seem an FT blog post has become a market mover event, on the notion that QE tapering will occur.

So, we're back to the rumour mill again.
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2.45pm...market still a little weak...I'm in NO hurry to pick up a long-index  block right now.

Hourly charts ARE rolling over, and that is a problem for early Tuesday.