Thursday, 24 May 2012

10am update - borderline

We're on the edge, might break higher..might break lower.  Sounds obvious to say, but that IS how it is right now. A close over 1330..bulls in control...a close under 1310..bears are back at the wheel.

For the serious money players...bull stops sp'1310/15.....Bears (those few still remaining)...sp'1325/30.




Bears are desperate to get below the hourly 10MA again, around sp'1310. Right now that is a fair way away. Its possible though, and if we do close under 1310 today, then 1280 is back on the table - but that's unlikely tomorrow, since its the lead in for a 3 day holiday weekend.

I'm really not sure what to make of today, I suppose its arguable that this confusion is a sign of a market turn to the upside. We are certainly due one, but...we've still not seen any capitulation day or a spiky VIX top.

More later.