Thursday 10 January 2013

11am update - morning mess

With a break to 1469, the market is still showing the underlying strength, as best seen on the bigger weekly/monthly charts. Even if 'somehow' a retracement occurred to the low 1420s..it makes no difference. Broad trend is UP.


sp'60min'4



sp'daily5


Summary

I'm getting really tired of this nonsense..and its only January'10th.

The one hope for those still seeking a retracement is the VIX.



We have a reversal candle to start the day, but really, 16s are a good 15% higher from current levels, and thats asking a lot.

The daily rainbow chart is putting in a third provisional warning, 3 blue candles..in what is 'sort of' a 7 day flat top from 1451-1469


Near term daily MACD cycle IS rolling lower still, first target would remain sp'1440.