Tuesday, 18 September 2012

3pm update - hourly cycle at rising support

The closing hour..and we're at an interesting place. Just another 2-3 pts lower, and we'll have a provisional break lower.

VIX remains a touch lower though, this market remains fearless, but then..everything is fixed, yes?


sp'60min



trans'60min


Summary

Just consider the carnage going on in the transports the past two days, relative to the main market.

The decline in the tranny still bodes for at least a little downside in the main indexes to around sp'1440/30 by late Thursday.

More after the close