Monday, 8 April 2013

11am update - morning chop

The market is somewhat weak, but again the bears don't have any power. A real problem will again be the 'traditional' latter day recovery, on what is a moderate QE-POMO day. sp'1562/64 is a viable bull target. Bears might have to endure that...before a move to break the 1538 low.



*possible mini H/S setting up...with the LS, from March'15.  (not indicated on chart)

Considering the big weekly charts..this market is clearly maxed out. Its just a matter of bears building some downside momentum  Its exhausted. We ain't breaking the 1573 high.

I remain short, and seeking an exit around 1535/30. Right now, that seems not viable until late Tuesday, or even Wednesday.

11.05am...something to keep in mind...

sp60min'2, those bull maniacs are going to find it real tough to break the upper bands @ 1562.

unless you think we're going to new highs...this is all still looking okay for the bears.