Saturday 29 June 2013

Uncertainty into July

The bulls managed to turn the week in their favour, with the sp' +13.8pts (0.87%). The weekly close of 1606 was a significant 46pts above the Monday low. The multi-week down cycle is still broadly continuing, but the lower weekly bollinger target now looks a long way down.


sp'weekly7- count'1


Summary

A simple 'rainbow' (Elder impulse) weekly chart to conclude the week.

As I have been highlighting every day this week, I wanted to see another red candle by the Friday close. We came within 2/3pts of that candle turning red (as it was in the early morning).

So..a blue candle..but..at least its not green, and the bulls did not manage a close above multiple resistance in the sp'1620s.

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I hold heavy short into next week, so...I sure hope we see some renewed weakness in the early part of next week!

Goodnight from London
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*next main posting, late Saturday on the world monthly index charts.