Tuesday 10 December 2013

Closing Brief

The main indexes closed moderately lower, with the sp -5pts @ 1802. The two leaders - Trans/R2K, settled -0.7% and -0.9% respectively. Near term trend remains bullish, with the sp'1820s likely before this week concludes. Broader upside remains the 1840s by year end.


sp'60min


Summary

Just another day in market land, where we opened a little lower, but as ever..the bears are pretty much powerless, and the market saw minor chop for the entire day.

The hourly charts are sporting a very clear bull flag, a break >1812 will confirm it.

Underlying MACD (blue bar histogram) cycle is close to flooring, and will likely tick higher across Wed/Thursday.
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The most notable aspect of today were the momo stocks, all of which saw very impressive gains.

more later..on the VIX