Tuesday, 27 August 2013

11am update - primary downside target remains sp'1570/60s

Whilst the bulls and bears battle it out ahead of a 3 day weekend, the bigger weekly charts have been warning of trouble for the past month. Sp'1709 was likely a mid-term high, and we're now in the process of battling back down to the June lows. Oil is understandably +2.3%




*the smaller 5/15min cycles are offering upside into the afternoon, but with the break of 1639...bears kinda have the edge here...not least with what seems to be an assured attack on Syria.

There are rather huge implications to that of course, but for now, suffice to say...underlying pressure remains to the downside on a daily/weekly cyclical basis.

Going long for a bounce...crazy risky.
Going short...marginally risk, with moderate risk of a bounce into early afternoon.

Either way..at least I'm not losing money today, unlike those bull maniacs.

The obvious 'safer' long, is in the 1570/60s.

11.32am.. looks like an intra-day floor is in, @ 1638..and we're already brushing 1644. A move into the 1650s..very likely into the afternoon.