Closing Brief

The market closed with moderate gains, there was certainly a little variety across the indexes. Tech was weak, whilst the transports were pretty strong.

The closing hourly charts...


IWM

Dow

SP

Summary

So, another up day..as expected.

I remain content to wait, sp'1445 remains viable tomorrow. It remains a smaller possibility that we'll see a hysteria QE3 reaction day to 1450/60..brief spike, but that won't hold.

Underlying MACD cycle does not favour the shorts overnight, we could easily gap right into the 1440s tomorrow open, even though the German 'yes' vote has already been assumed by many.

The bears time will come again, but for now, its clearly not the time.

More later in the evening