Friday, 20 September 2013

10am update - opening rally failing

The main indexes open moderately higher, but price action looks set to be weak for at least a few hours. First downside target zone remains sp'1715/10. With broader weekly charts outright bullish, any close >1705 should be acceptable to the bull maniacs.




*daily 10MA will be offering strong support around 1705/10 next Monday. I simply can't imagine this market back <1700 for some weeks..if not months.

So..lets see if we get a little further weakness across the morning, and if things can stabilise in the 1715/10 zone.

*I remain entirely on the sidelines, would seriously consider going long in the low 1710s.


ohh.. and look at that VIX... indexes red...

A fearless market indeed!