Friday, 10 August 2012

Pre-Market Brief

Good morning. Futures are holding onto their overnight declines, Sp'500 is -5pts, and set to open around 1397. 


sp'60min



sp'daily5


Summary

Many have recognised we've been building what is probably some sort of top over the last few days. So, we are due for some kind of initial down move. 1380 is the lower channel.. so it won't take more than 2 days to break what is a rather large wedge.

As noted though, until we are back into the 1340s, no declines should be treated seriously.

Good wishes for Friday trading!