Tuesday, 10 July 2012

2pm update - moody bulls

Those bulls who bought the open..and who aren't using stops will be getting real moody about now. We're around 15pts lower from the sp'1361 first hour peak.




VIX is marginally green, but we're still only in the low 18s. Bears must see VIX 20' just to get 'something' started.

I'm still not expecting anything dramatic today, not least whilst the VIX is so low. First downside target is sp'1340, then 1335/30.

At the current rate of downtrend, the daily MACD cycle will go negative no later than Thursday morning. So if we're going to have a chance to punch through the key 1330 level, Thursday morning would be prime time.
More later.