Thursday, 24 May 2012

Closing Brief

Looks like the bots decided to buy at the hourly 10MA. A bullish closing hour, setting up a close of  sp'>1330 tomorrow.





I suppose the bears can still claim we've not decisively broken above the recent high, with a close of >1330. So the bears still have that going for them. Yet, it would have been day'17 today in the down cycle, and we've now been trending largely sideways since Monday.

The stop levels are clear...bulls, sp'1291 lose, 1299/1301 tight.....and bears...1330 lose, or 1325 tight.

*With a 3 day weekend ahead, most likely we have a quiet Friday ahead. The only econ-data is Consumer Sentiment at 9.55am.

More later in the evening