Wednesday, 18 July 2012

Closing Brief

We certainly didn't get even a flat close, never mind marginal declines. Oh well, as they say, there is always tomorrow.

The hourly index cycles remain in a broad uptrend, although we only need a Friday close sp'<1370 to break the present up trend, so all the bears need to do is put a lid on the current up cycle.

Those closing hourly index cycles....





Clearly, there is no bearish turn lower yet, the bulls managed to knock the SP' back to the recent 1374 high, but neither Dow or Rus'2000 index confirmed the move.

I remain short, and seeking a first move to break below the recent 1350/45 bounce level

More later.