Thursday, 6 September 2012

2pm update - consolidating gains

It looks like the market is now moving into a consolidation phase, that could last just a few hours, or even continue across into next Monday. We have the big jobs data tomorrow, at worse we'll trundle a little lower early tomorrow, before closing higher.

Regardless, the daily trend is UP, with probably at least another 2 or 3 days in this cycle.


dow, daily


I'm looking for a little bull flag to appear on the hourly charts. Could take some hours, or even a few days to complete. Dow will surely break to new post 2009' highs.

*even though the tranny is up too, its still badly lagging, and is around 8% below the spring high. As noted last night, it remains a major provisional warning of autumnal trouble.

More in the next hour...