Wednesday 22 August 2012

10am update - first target 1390

Marginal declines so far, its a big choppy out there, as a few indexes almost turned green.

What is important is how we close today. Bears should seek at least 0.5% index declines, with much greater follow through in the tail end of the week.

*housing data released early, slightly better than expected.


sp'60min, rainbow



sp'daily5



Summary

Daily MACD cycle due to go negative cycle late today or early tomorrow. I think we have a very good chance at hitting 1390 within the next 5-9 trading hours.

VIX is showing no fear, and is now actually -2%

Sp'1354 remains the absolute important low to take out in the weeks ahead. If we can break under that, then September could be good for the doomer bears.
--

Next update, 12pm.