Thursday 8 August 2013

Closing Brief

The main indexes closed moderately higher, but the market appears stuck at the key psy' level of sp'1700. If the micro-count outlook is correct, with an ABC bounce, then the sp'1670s look viable either tomorrow, or early next week. VIX is further suggestive of index weakness into the weekend.


sp'15min



sp'60min


Summary

Well, an interesting day, and after some weeks of waiting, I'm back on the short side of the indexes.

Broad weekly charts are offering the sp'1600/1550 area by mid-Sept, so I'll be taking a 'default trade is short' for the next 4-6 weeks.

As for tomorrow, there is no sig' QE, and the bears have a pretty good chance of kicking the market lower into the weekend.

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the usual bits and pieces across the evening