Wednesday, 29 May 2013

2pm update - how high the ramp?

Market managed to hold the sp'1640s, and is now on an up cycle, the only issue is how high. First target is the 1655/60 area, which 'might' be a RS of a small H/S formation. All the daily index charts will remain bearish, baring a close in the 1670s. VIX looks set to close red.




So.. a little afternoon recovery ramp is underway. Bulls should be pleased with ANY close >1655. Whilst bears should be at least seeking a moderate red close, somewhere in the 1650s.

 It does look like VIX will close red, and that is certainly not best of sights for those seeking much lower index levels across the next few days.

*I remain on the sidelines, will consider a re-short tomorrow, depending on the price action.