Monday, 2 July 2012

Closing Brief

A quiet Monday..and an even quieter - and short Tuesday trading (we close at 1pm) is ahead.

The closing hourly index charts...





Mr Market managed a last hour micro-rally, with a marginal close over the FOMC sp'1363 peaks. So, all those earlier counts many were touting (myself included)..are invalidated.

It will remain a threat to the bears that we will see some further gains. The daily chart allows 1370/80 easily, and by the end of the week..1390/1400 is viable.
What was important today, was the ISM manufacturing number. It was a clear warning of economic contraction (at least for the manufacturing sector) for Q3.

Minor bits and pieces across the evening.