Tuesday, 2 October 2012

10am update - moderate gains

Good morning. Well, here we go again. Opening moderate gains for the bulls. We're again trying to break up and out of the current cluster area of 1430/60.

VIX is 3% lower, but it is hard to make anything out of that move though.

sp'60min - H/S




I'm certainly guessing we don't break to a new high yet, but that is certainly not something I am particularly confident of. The underlying daily MACD cycle is starting to tick higher, and even though the formation is now a 5 day bear flag, its still a little concerning.

Bears should seek weakness later in the day. A close under 1440 would be the aim for today.

I remain short, seeking an exit @ 1420.

back at 12pm