Tuesday 1 October 2013

11am update - weekly charts back to outright bullish

With the break back into the 1690s, the bigger weekly charts are flipping back to outright bullish. Precious metals remain under severe downside pressure, with Gold -$40. VIX is reflecting a market that realises a temporary shutdown is not actually important, -4% in the 15.90s.


sp'weekly8


sp'60min


Summary

There are a LOT of bullish signals right now. Of course, equity bulls should be looking for a daily close at..or above current levels to confirm this is not just a fake out. .
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Upside target zone for October remains 1750/75, although I realise the 1760/70s look difficult right now.

Yours truly...is indeed Permabear in name..but..not in trading direction.
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A twisted world indeed.