Tuesday, 6 November 2012

2pm update - maxed out at resistance (again) ?

Mr Market is holding onto gains of around 1%, an election day rally, one to reassure the voters that financial markets are both stable..and strong.




With two hours to go, lets see how we close. There sure doesn't feel like there is any downside momentum right now, but across the previous 7 trading days, we've seen 5 such rallies fail.

Until we get a daily close >1445/50, it remains a bear flag on the daily chart..and those weekly/monthly cycle charts all suggest underlying weakness.

As ever....good short-stops will be useful for anyone still on the bearish side of the fence.

back at 3pm