Friday, 27 September 2013

1pm update - bulls tired, bears tired, market tired

The main indexes are holding moderate declines ahead of the weekend. Yet, Mr market is relatively muted, and both bulls and bears alike look tired. Bulls look unable to break back into the sp'1700s, whilst bears look unable to push much lower, until the US Govt' shut down issue actually occurs.


sp'daily3 - fib retrace levels


Price action since last Thursday has been a very consistent melt lower.

Effectively, we're at day'7 down, relative to the 13/15 day up cycle.
For the bears, you can see on daily'3, the next target will be the 50% fib retrace (of the wave 1627/1729)...where the 50 day MA is also lurking.

Any daily closes in 1670s should be a real concern to those on the long side, not least since it would start to turn the bigger weekly charts to the downside.