Saturday 21 July 2012

Daily Index Cycle update - a little bearish hope for next week

Just a very short update, to close the day and the trading week.


sp'daily5


Summary

The third little blue tower on the MACD cycle has indeed developed this week, and today showed the first sign of a rollover. Bears should look for some follow through - even if its just a few pts lower, on Monday.

Clearly though, bears really need to see a break below sp'1350 to open the door to the next key zone of 1310/00. It is very viable we could hit that level near the end of next week, but we'll need VIX back above 20..

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I'll probably do a weekend update late Saturday, detailing the state of the weekly cycles. Suffice to say, it was a very mixed picture for the week as a whole.

Goodnight from London