Thursday 19 July 2012

3pm update - messy closing hour?

Today is turning out to be a bit of a tease for the bears. Early morning minor losses, quickly reversed..then the recent break below the hourly 10MA in the past hour..only to see a quick jump back up to sp'1376.

Kinda hard to guess the close, but with opex tomorrow, seems unlikely any drama until next week.


sp'60min



sp'daily5


Summary

As noted a number of times in recent days, sp'1390s would be a real problem for the bears, it would just about ruin everything.

So, bears have a buffer zone of barely 10pts, and we know a morning gap higher of that amount is always viable for 'no good reason'.

Mr VIX is again red, and considering the current mini ramp...I'd be surprised if VIX can close green.

More after the close