Wednesday, 23 May 2012

3pm update - time for a last hour sell off?

During this sixteen day down cycle we've seen almost every day end with a closing hour sell off, on balance, we are more than likely to get another one today. Maybe its time for another comment from the ex Greek leader? Or perhaps, a baseless rumour across the wires...about 'LTRO'3...4, 5, 6. imminent?'



First target remains sp'1280 sometime tomorrow. The bigger weekly and monthly cycles warn of much lower levels ahead.

The daily 10MA has held the line so far - and interestingly did so again yesterday (I was not looking closely enough). Arguably, the more careful and wiser bulls will wait for a break back above the daily 10MA. Until such time, the down trend can be said to be continuing.

Right now, only a move above the upper channel of sp'1320 would violate what remains a bizarrely long down cycle.

More after the close.