Friday, 28 August 2015

2pm update - short term top of 1993

With a break of the upward trend from the Tuesday close of sp'1867, we have a short term top of 1993. There looks to be increasing downward pressure into the weekly close. Equity bears need a close <1970 for a minor net weekly decline. Primary retrace target, the sp'1945/30 zone... by next Wednesday.




*note the spiky candle at sp'1993

At the current rate of decline, the hourly MACD (blue bar histogram) cycle will see a bearish cross at the Monday open.

I would be bemused if the market can somehow break higher from here. In theory, there should be at least some making a run for the exit door into the weekend.

meanwhile in London city, another day closer to the end of summer...

.. and I sure ain't happy about the looming winter.

stay tuned