Tuesday, 10 September 2013

10am update - secondary gap filled

With another round of opening gains, the market has already managed to fill the upper gap zone of sp'1680. The VIX is naturally lower, -4% in the upper 14s. Bears need to see a reversal today, but there would seem no news/reason to motivate the market to reverse.




I wish I could be optimistic for a reversal day, but I can't.

There is nothing negative in the immediate time frame.

I guess the market could simply reverse for technical reasons. After all, just about everyone is aware of this gap-zone, and how it is a valid re-short level.

What is clear though, any daily close in the 1690s, and the big/serious bear money will be waving the white flag.

Even though AAPL is lower, it has still managed a 'golden cross'...

For the bulls, it remains a very bullish aspect.

Meanwhile, the metals have lost channel support..

GLD, daily

Rough start for the gold bugs too,

10.26am.. those seeking a reversal, going to need to give it a few more hours. Still, doesn't look like any downside power. At best..a flat close, that is probably being way optimistic.