Thursday, 30 May 2013

Closing Brief

The main indexes effectively flat lined for almost the entire day after opening moderate gains took the sp' to 1660. The closing hour did show some distinct weakness, with the hourly cycles rolling over.

sp'60min2 - H/S formation idea


I'm not entirely sure what to think of today. Daily charts are now looking moderately bullish - although nothing conclusive yet.

However, the hourly charts ARE rolling over though, and those on the short side should be desperate for a break under 1640 early tomorrow..and more importantly...1635.

That will be difficult across Friday, not least with a QE of 5-6bn.

Have a good evening.