Thursday, 26 April 2012

Closing Brief

I follow many chartists across the web, a fair few have been touting this latest nonsense as 'an extended fifth wave'. I suppose that's possible, but right now, it sure feels like a pretty horrific day, even thought we're up less than 1%.




Arguably, an ugly day for anyone of the bearish persuasion. The VIX did suggest it may have bounce from an oversold RSI, and there is a little divergence on the MACD cycle. Yet, there is nothing concrete for the bears to get excited about. Bulls are back in control, and they almost have taken back all the losses from the weekly and monthly cycles. With two trading days left of April, from a chart perspective, they are a very important two days.

*still awaiting the AMZN earnings.

More later, looking at those daily cycles - which are again, looking disturbingly a little bullish.