Wednesday 10 July 2013

11am update - tricky downside...on a QE day

The market does look tired, and the June'18 high of sp'1654 is holding the line so far. Hourly index charts are offering downside into Thur/Friday, with the primary target being the gap-fill zone of 1632/30.


sp'60min


Summary

*I am increasingly tempted to launch a short, whilst the 1654 line is looking like a strong wall.

Yet..today is a QE day, and there is no doubt that $3bn of new 'benny bux' are looking for a home right now.

For the moment, I'm just going to watch.

The default 'safer' trade is a new long from the low sp'1630s...but that won't be today.