Friday 24 May 2013

3pm update - closing hour ramp?

A very tricky closing hour to come. Many traders already left for the long weekend, so its quiet, but that means another snap higher..if it comes, could be pretty fierce. Immediate upside target is the 50% fib zone of 1660/62. Downside for next Tue/Wed remains 1630/25.


sp'15min


Summary

Okay, so...I'm looking for more upside, and frankly, if I see the low 1660s, I'll be real tempted to launch a re-short.

There is reasonable chance of Tuesday gap lower - not least if Japan is further rattled on Mon/Tue.
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UPDATEs...all the way into the close..to end whats been a rather good week.

3.13pm..well, no ramp so far..and now doesn't look likely.

I remain curious for a re-short...

3.32pm...well, the sp'1647s aren't attractive as a re-short level, not least when the 1660s are viable on a brief gap higher early Tuesday.

I think I'm calling it a week, and will see how we open on Tuesday.
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3.41.. micro wave lower.. 1645....I realise we could merely fall from here.. all the way across Tuesday. Would be something annoying. Could be worse though, could be long.

3.47pm...maybe the C- wave continues into Tuesday then... 1660s still viable.
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back at the close.