Thursday 4 October 2012

12pm update - daily trend battling higher

The bulls have achieved a victory this morning, with the gap over the upper trend of 1455. There is no question about it, its a clear break. Only the Rus'2000 and the Dow are yet to confirm it.

The VIX is a touch lower, but it remains all noise.


sp'60min, H/S



sp'daily5



IWM, 60min



Summary

Despite factory orders data coming in lousy, Mr Market is holding onto the gains reasonably well. It looks a bit spiky on the daily chart, but with the underlying momentum battling (see daily MACD cycle) higher, bulls are in control.

Baring a latter day reversal, and at least a 'generally' flat close, bulls have broken upward, with new index highs very likely within the next few days.

Those hopes of 1420 are just about all faded away, baring that reversal.

Not good. Not good at all.

back at 2pm