Monday 11 August 2014

2pm update - baby bull flag

US indexes are holding the gains. Price structure on the smaller 60/15min cycles is a very probable baby bull flag, offering an attempt at the 50 day (sp'1955) tomorrow. Metals remain weak, Gold -$3.


sp'15min


Summary

Suffice to say... smaller 5/15min cycles have arguably already seen a down cycle - at least in time... whilst prices have held.
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Typical afternoon flooring time would be around 2.30pm...so.. lets see if bears can knock it down to around 1935.
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2.05pm.. standing by to pick up another SPY call block... around 1935/00 zone.

2.07pm.. LONG, sp'500 from 1937.. .seeking 1950/55 tomorrow.

2.21pm... we've probably floored at 1937 this afternoon...

*I will hold long overnight... seeking the 1950s tomorrow..or Wednesday... I don't mind either way.