Wednesday, 28 March 2012

Weak Bull Hands Getting Shaken Out

The market just a short while ago broke below1400 - a pretty important level. Although this is certainly not a critical level, it will important than the bulls see this market close somewhere better than where we are right now. 1405 would suffice..perhaps, but 1410 would be a reasonable outcome.

SP'60min cycle

60min MACD cycle is pretty low now. As ever, that is not to say it can't just stay negative cycle for rest of today, even for a number of consecutive days, but more likely we'll some kind of move higher as the day progresses.

*Bulls will especially wish to see 1420/25 hit again within the next 2-4 trading days to confirm the uptrend is still intact.

As I post this, SP' is 1401..and looking like it may well have found some support.

Good wishes