Monday 19 August 2013

11am update - bulls very close to a break

The main indexes remain very quiet, with minor chop. The bears look exhausted after a decline from 1709 to 1651. Bulls just need to push a little higher into the afternoon, and that will open up the 1680s later this week. Metals remain weak, with Gold -$5


sp'60min


Summary

*I remain on the sidelines. I am bullish in the near term.. but I can't stomach going long, not least with the weekly charts on outright sell.

I will merely wait..and hope I can get a short-entry in the sp'1680/85 zone, that seems unlikely until at least Wed/Thursday.
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Notable movers...: AAPL, +$11 @ $512.  There will be sig' resistance in the 520s.