Tuesday, 27 August 2013

2pm update - market still struggling

The bears finally manage to break the VIX above the morning high (also the Aug'21 high) of 16.56..but VIX has again started to cool off. The indexes remain very weak, lead lower by the Trans/R2K, both lower by around 1.75%. Gold and Oil..both naturally higher.




So...what now?

I have to say, in terms of the intra-day stuff, this remains a real mess.

The bigger picture though, that is pretty clear, broad declines..back to the June lows...somewhere around sp'1570/60s.

For the swing traders out there, just a case of sit back and enjoy the ride lower..with 'reasonable' short-stops.

On bigger time frame, daily charts are offering much lower levels...

R2K, daily

The 950s - a level I've been touting for a few weeks..looks very viable