Monday 30 July 2012

11am update - RSI 76..kinda high

The hourly index charts are very high on the RSI. This is obviously not the best of times to be adding to existing long positions.


sp'60min






Summary

Look to the left on the hourly chart..the last time we were above RSI 70...see what happened across the subsequent 5 days - a fall of 50pts from 1375 to 1325.

Tuesday will be the start of more dynamic action. Today...we look set to close flat..look for a nice doji candle on the daily charts!