Wednesday, 8 August 2012

10am update - bears need a lower low

Since the June low of sp'1266, the market has been putting in higher highs..and higher lows.

The first basic thing the bears need to see in the coming daysand, the first lower low. A break under 1350 is essential just to offer any definitive trend change.




Clearly, we're not going to be below 1350 any time soon. Even if can trundle for a few days now, it's probably going to be next week until we have a chance of breaking into the 1340s.

*FB is lower again....I'm not entirely surprised...19s by the close seem likely.