Tuesday, 19 June 2012

Closing Brief

Market closed with very reasonable gains, on what is day'12 of this up cycle. We have closed comfortably in my original target zone of sp'1350/60. The secondary zone is 1380/90. That remains possible if the FOMC at least temporarily please the market tomorrow.

I think its very possible we've now put in the high of wave'2, now its just a matter of waiting for the FOMC tomorrow lunchtime (12.30pm, with Bernanke press conf at 2.15pm).

Lets look at those closing hourly index cycles





We've seen enough of an up trend in both price and time for this wave'2. Twelve trading days is long enough....tomorrow will be unlucky 13..for those bull maniacs..perhaps.

As ever..so much depends on the actions (or inaction) of those printing maniacs at the Fed.
More across the evening...I've a battle plan for tomorrow to note down!