Friday, 6 July 2012

1pm update - twilight zone

So, we're lurking into the low sp'1350s, but that is still twilight zone territory for the bears. With the VIX only marginally higher, today's decline is to be largely dismissed.

Only a move back into the low 1320s would even remotely begin to suggest the current broad up trend is over.

sp, daily

vix, daily

*note the fail at the 10MA, and a black candle...that is lousy for the near term outlook for the bears.


A few chess pieces are moving around today, but anyone shorting here....urghh. Its neither a good level or a particularly good time.