Thursday, 29 March 2012

Thursday Troubles

CRX continues to show weakness today

CRX weekly.

*here is a hotlink to my CRX chart, you should be able to bookmark it, and just F5 refresh, as you wish.

CRX :$CRX&p=W&yr=5&mn=0&dy=0&id=p54657819469&a=235016520&listNum=1

Meanwhile, VIX is at the breakout level...

VIX weekly

Bears need to see a closing above the 10MA.

The VIX has not had a weekly close above the 10MA since last November, so, if it can just about hold this level, that would be somewhat bearish for next week.

*again, note the MACD cycle, still inexorably climbing back, + cycle in a few weeks, at current trend.

60 min index cycles remain very low, and thus, the risk is on a short term upside retracement...

SP 60min

Certainly not a disaster for the bulls, but they would like to hold this level! A move into the low 1380s would be a problem.

More later!