Thursday, 23 August 2012

Closing Brief

Reasonable declines for the bears today. We didn't close under the big 1400 psy' level, but 1402 will suffice. That is a fair 24pts lower from the Tuesday high of 1426.

The closing hourly index charts





Indexes all look fine for further downside in the coming days, the only issue is how far can we get down to..1380, 70, or even a straightforward bounce off the post June trend line of 1350.

The VIX closed up around 6% to 16, that is still a very minor move, but its at least something for the bears.

More later.