Friday, 5 October 2012

Closing Brief

A pretty weak 2-3pm hour, but the closing  hour was yet another bear fail. We did see a clear breakout this morning, the Dow broke above the QE spike high, and the SP' broke above what remained of the bear flag.

With today's price action, I am now a little more curious about how we'll open Monday.

The closing hourly charts...






We are still in near term up trends, and the closing hour action was again supportive of underlying strength. The bears just can't get a decent sustained down cycle.

Until we see the recent key low of sp'1397 taken out, its just a case of higher highs..and higher lows.

Have a good weekend!

More later, and across the weekend.