Wednesday 6 November 2013

10am update - messy market

The sp'1775 high is still holding, and market remains vulnerable to a moderate down wave. Yet...there is huge QE today, and underlying pressure is clearly still to the upside. Metals and Oil holding moderate gains, whilst the USD is weaker, -0.3%.


sp'60min


Summary

The current price action remains a bit of a mess.

For those with eyes on the bigger picture...its a case of ignore the minor moves..and focus on the broader bullish weekly/monthly cycles.
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TSLA offering an opening reversal candle.


So far, the key 153 spike low is holding.
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10.31am.. TSLA fails to hold 153.

Downside target zone is a rather obvious 110/100...within weeks..perhaps days. 


Main market..seeing a reaction at the sp'1775 high....


Regardless..underlying pressure is still upward in the weeks ahead.