Monday, 30 April 2012

Closing Brief

A break and close below the 10MA on the hourly cycle! All things considered, today was about as good as the bears could have hoped for. Now, the bears will need follow through to the downside with a red close on Tuesday.  Similarly, the VIX increase - whilst very minor, could be the start of something significant.


SP' closes with almost a back-test of the important 10MA. Its a bear flag, but we sure need some follow through Tuesday into the 1385/80 range to confirm it.


IWM was particularly weak into the close (not sure why), if 'minor wave'2' has been identified correctly, then we're looking for a new wave lower, probably to at least 79/80 within 2-4 days.


VIX closes with a little bull flag, 21 remains the first target...then a break to 24.

Daily Cycles will be covered later in the day.