Tuesday, 2 October 2012

12pm update - weak market

Every time we rally up, its being sold into.No one wants to buy into the 1450s.

Bears merely need a break back under 1440, and that should open up a good challenge of 1420/15 in the coming 3 days.

sp'60min  - H/S



Hmm, so we are arguably day'5 of a bear flag. First target is a pretty obvious 1420, with the important 50 day MA @1415.

Considering the underlying MACD cycle, I'd be very cautious about holding below 1420/15. I just can't see 1400 being taken out for at least a few more weeks.

Seeking latter day weakness, a close <1435 would be a real bonus. Anything in the 1420s would be a major victory, and would confirm what is surely a bear flag.

time for lunch !