Wednesday, 18 July 2012

1pm update - double top? Urghhh

Well, the Bernanke is finally finished for today. Meanwhile, we've seen the algo-bots manage to kick the SP' to the recent 1374 peak.and briefly break it to 1375.

Neither the Dow, nor the more hyper-fuelled Rus'2000 index are particularly close to such equivalent levels.





Those bears who have been holding short since the recent 1325 lows will clearly be really annoyed now. I'm not entirely pleased either, but its..bearable.

From a MACD cycle perspective, it still looks okay into tomorrow. Bears will certainly want to see a close under the hourly 10MA.

A Friday close <1370 will likely mean a conclusion to the current wave...and on any basis..the bigger up trend since the sp'1266 low in early June.

With the Bernanke finished, lets see how Mr Market will manage across the remaining 3 hours of today.

More later.