Friday, 16 August 2013

11am update - setting up an afternoon jump

The market appears to be coiling up for a rebound to the upside. With a hit of the 50 day MA, the sp' looks set for higher levels into Monday, target is a somewhat obvious gap zone of 1680/85. VIX continues to cool down.. -6% in the 13.70s.



Well, the bears  had an extra opportunity to close out this morning. 

There can be no excuses for whining and bitching if the sp' is in 1680/90s on Monday.

Regardless, at least yesterdays move gave clarity to the mid-term.

At a minimum, the current downside target is 1560


You can see why I'm looking for that kind of move.