Monday 14 May 2012

1pm update - the risk is to the upside

Market appears like it has a few more hours upside in it. Certainly, anyone who was short across the weekend should have bailed by 10am.

I'm actually considering holding overnight, although it will depend on how the market reacts after 2pm. A few more stronger hours - back above the 10MA of 1350 would make me reasonably confident for further upside into Tuesday. Holding overnight is certainly not without significant risk though.


Sp'60min H/S formation -  1370/80 still viable



The chart above has been changed a little, but not too much. It is still a VERY viable formation, and I'm still going to use it as my primary formation for the rest of this week.

So, lets keep a close eye on that 60min cycle, can we go + MACD cycle tomorrow morning, and battle upward to 1370/80 - for the Facebook IPO later this week?