Friday, 5 July 2013

11am update - bears holding on

The main market is struggling to hold significant pre-market gains. The weekly 10MA @ sp'1628 is still holding, but any close above that, and the near term bearish case is thrown out. Bigger moves out there include bond yields..soaring, 10yr into the 2.70s


sp'weekly7 - bearish count, on the edge


So...the bullls manage very strong early gains, but they are again failing to hold above the 50 day MA.

As we close..that is what matters.

So long as we close <1628, I will hold short, but this is getting extremely...difficult, not least with the threat of much higher levels by early August.

11.12am .. sp'1619... I'd settle for ANY close <1620,

Best case is 1610/05, but that really will be tough.

Many have noted, since most traders are still on holiday, we'll have to wait until Monday for the 'real move' to occur.