Friday, 28 September 2012

3pm update - closing hour weakness

The early afternoon rally appears to be loosing steam, and we are now slipping lower again. The sp'1440 level is certainly an important level, and whichever side we close on it, will be a good indicator for how we trade early next week.

sp'60min - H/S formation



Targets for the bears...MUST close <1450.

A good close would break the lower rising channel of 1437. Anything <1435 would really confirm it.

VIX is starting to pick up, and is battling back higher on the hourly cycle. Target remains 18/19.

I remain short, and added to SPY puts in the previous hour @ sp'1442 (gods help me!)

More after the close