sp'60min
sp'daily5
Summary
Well, we haven't got a gap straight over the FOMC highs, but its almost as bad. We'll likely open in the high 1430s, and will probably test the 1438 high.
If we take out the high, a fair few short-stops will be triggered and we'll probably jump into the 1440s.
I suppose it could merely be a double top, but..considering Santa is next Tuesday, and volume is low..its going to be just so very difficult to see a reversal with some real selling volume behind it.
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Underlying momentum is ticking higher on the daily MACD (blue bar histogram) cycle again. The one minor bearish aspect is that we could merely be putting in a third smaller tower within the formation.
Anyway...lets see how long it takes to break into the 1440s..urghh.
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Special note on Mr $
We are down 0.09bps in pre-market, and its arguably breaking the lower support again.
If we start putting any daily closes in the 78s, equity bears are going to have major problems, on top of everything else!
UPDATE 9.25am Futures slipping back...sp' now set to open just 1-2pts higher.
Hmm, are the big institutions selling into strength?
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UPDATE 9.35am. Black candles appearing on a lot of charts.
Ultimate fake out? The bears can...'hope'.
Trans test the old high...turning lower.