Wednesday, 16 May 2012

2pm update - another choppy day

Another choppy day in the markets. I suppose it could merely be a holding day, with further falls tomorrow, or it is a standard turn day - lots of chop, and then a fairly significant move upwards the following day.

Sp'60min, count'1


Being long sure is not easy, yet despite the recent micro-cycle lower to sp'1327, I'm actually not too concerned. Look at the MACD (blue bar histogram) cycle, there is some very interesting divergence there. There remain few sellers..but few buyers also.

As noted earlier, bulls will want a close over the 10MA, now at sp'1335

Holding index longs into Facebook-Friday.