Tuesday, 7 August 2012

Closing Brief

Again, a touch of weakness in the closing hour, but its still noise. The daily trend remains up.

The closing hourly index charts





From a MACD (blue bar histogram) cycle perspective, we are getting close to going negative cycle, but...its just as likely any pullback would only be 10-20pts anyway..before yet another new high is put in.

Today was yet more unrelenting pain and bemusement for the bears. With the monthly cycles as strong as they are, the big money bears will be sitting this out at least until any break under 1350.

A little more later.