Friday, 16 August 2013

3pm update - another floor attempt

The indexes are again trying to secure a floor, with the sp' having hit 1652. Bulls need an hourly closing candle above the 10MA..currently 1660. Precious metals holding gains, Gold +$12, with Oil similarly higher. VIX -1%, and looks likely to melt lower into the opex close.



*interesting hourly that a spike floor?

Look at MACD (blue bar histogram) cycle...inexorable battling back upward. Bulls have a real chance on Monday to kick this market back upward.

The bulls sure have struggled since Thursday morning, with the market set to close the week with net weekly declines of around 2%.

*upside target for a bounce early next week remains 1680/85....which now looks not viable until Tues/Wed.

*I remain on the sidelines across the weekend.

3.01pm..just another 2/3pts..and the 10MA will be cleared..and bulls will be all set for Monday.

3.28pm.. bulls still struggling to clear the hourly 10MA of 1660, but then its choppy opex.

Looks like market makers  content to pin AAPL at the big $500 level.