Thursday, 29 November 2012

2pm update - afternoon chop

The market remains in a choppy phase after the earlier political chatter. It remains entirely possible that the wave'2 bounce is now complete, and we'll see some weakness into the close. The 50 MA @ 1423 will pose significant resistance, if we somehow see a short-stop cascade >1420




So..we're hovering close to the early morning highs, where now?

Well, the bulls are no doubt seeking a close >1420, on hopes that the politicians will come to an agreement within short order.

The bears should be seeking a close within the next few days, back <1400.

VIX remains subdued, but so far, despite the index gains, its not broken below the Nov'21 lows.

With two hours to go, lets see who can take command into the close.

UPDATE 2.30pm Tranny is stuck under the morning spike high.

I'd really like to see things start to tick lower from these levels. If I'm wrong, I can live with it, but at least I'm short with VIX cycle low, and indexes on the upper side.


Perhaps we're looking at some kind of micro double-top today.