Tuesday, 23 July 2013

2pm update - afternoon melt

The main indexes have managed to hold within the primary up channel..and the sp' now looks set for upside melt into the close. Considering the hourly index charts, a close in the 1700s would up the 1710/20s tomorrow on any 'good earnings' news. Oil is now +0.5%



Underlying MACD (blue bar histogram) cycle looks floored, and is now starting to battle back higher.

Bears have just relentless problems here...little reason why the bulls don't have a fair chance at breaking the sp'1700 threshold in the closing hour.

*lots of earnings at the close, including AAPL.

I remain watching SLV, and suspicious of a small gap lower at the Wednesday open.