Thursday, 14 June 2012

2pm update - afternoon weakness?

The 15min cycle would suggest we're going to see some weakness in the remaining two trading hours of today. The 60min cycle is similarly showing signs of being stuck - although its not very high on its cycle. Any day-traders who went long this morning should be looking to get stopped out real soon. The VIX back over 24 is also a moderate warning sign.





Two hours to go, it might get moderately interesting, but I see no chance of bears breaking this market below the below bull flag of 1305/00.

Primary target remains 1350/60 by the middle of next week..and then a rather nice 200pt fall across the subsequent 3-5 weeks.