Wednesday 7 August 2013

Pre-Market Brief

Good morning. Futures are slightly lower, sp -4pts, we're set to open @ 1694. This will be a touch under key support. Precious metals are naturally weak, Gold -$5, with Oil also moderately lower.


sp'60min


Summary

So, yet again we're set to open lower, and its looking to be around/just below the lower channel - as seen on the hourly charts.

Bears have an opportunity here to make things clear..that sp'1709 was a key top.

However, from a MACD (blue bar histogram) cycle perspective, this is a lousy place to be launching any new short positions.

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I am still highly suspicious that we'll see one further little up wave into early Thursday.

For the moment, I want more clarity that the last seven weeks of nonsense are indeed coming to an end.