Tuesday 20 August 2013

11am update - borderline break

The sp'500 is on the border of a key break above the down channel. R2K/Trans are much stronger, and highly suggestive that a bounce is now underway. VIX looks weak, and the 13s look viable  Metals are building strength, Gold +$8, whilst Oil is still weak.


sp'60min






R2k, 60min



Summary

It would appear the two market leaders - Trans/R2K, are suggesting near term floor is in, and we're going to battle higher across the day..and into tomorrow.

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*well, I'm not prepared to go long at these levels...I'll just wait for those 1680s.

Considering the weekly charts...should make for a good entry, with down side <1600 soon enough.