Tuesday 6 August 2013

2pm update - still waiting

The market is holding together after the minor morning washout, with the sp'500 set to close in the low 1700s. Whether the close is red or green, it would still seem a further wave to the prime target zone of sp'1715/25 is likely. Metals remain very weak, with Gold -$17


sp'60min


Summary

Clearly, if we break the lower channel..which at the close would be <1695, then its possible we've already topped out on this 7 week up wave.

As it is, I'm guessing no. One further push upward, and those sp'1720s look just about viable by late Wed/early Thursday.
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I remain...in no hurry.

*first downside..once I do get short, will be the rising 50 day MA...in the sp'1660/55 area.

That will suffice for an initial minor'1 lower.
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AAPL, remains an interesting one..not least with it having hit the 200 day MA today.


Perhaps another hit tomorrow in the 470/75 area..before a major fail/rollover, which would sync up with the main market.