Friday 14 June 2013

11am update - minor down cycle underway

The market broke a slightly new high this morning, but we're seeing a minor down cycle get underway. Primary targert is sp'1627/25, which might take a few hours. Metals and Oil both holding onto most of the opening gains.


sp'15min


Summary

Things look on track for some kind of minor retracement. Certainly, the bears shouldn't start getting excited about a major move lower into next week.

Bears had their chance yesterday...and failed.
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On standby to pick up an index-long block around sp'1625..if we get there.


11.02am..slight update.. fib' retrace updated from the spike high.



sp'1628..just 3-5pts to go.

ETA on a floor, probably around 1pm