Thursday, 26 April 2012

1pm update - maxed out?

Looking at the 60min chart, and the broader daily cycle, we look pretty much maxed out for this wave. The 1390/95 zone continues to hold as resistance...just. Interestingly, the 10MA @ 1390 on the Sp'500 cycle appears to be slowly levelling out.


For the bears...patience...and good stops will be key into the rest of today.

*a reminder, look to AMZN earnings at the close. I'm expecting a 'surprise' miss. Their profit margins are lousy, it won't take much for them to go negative.

More later..on this sleepy Thursday afternoon.