Friday, 22 June 2012

Closing Brief

A good week for the bears.With the FOMC out of the way, the bears now have a clear 5-7 weeks to drive the indexes below the wave'1 low of sp'1266. If the market gets spooked, a move as low as sp'1225 is possible as early as the end of next week.

Lets check those hourly index cycles..

IWM, 60min




Clear bear flags (pink!) on all the main indexes..all set to break/snap lower on Monday.

A very long and uncertain weekend ahead for those who are bravely holding positions, but especially those of a bullish persuasion. After all, the 12 day rally into FOMC Wednesday has sharply come to an end, and now we're in danger of slipping back under the big 1300 level.

Across the weekend, updates on the hugely important bigger monthly cycles, including currencies and commodities - of which WTIC Oil is a giant red flag.

Have a good weekend