Wednesday, 11 September 2013

11am update - market experiencing resistance

Seen on the daily chart, the sp' is obviously stuck at multiple key resistance, including the 1680/85 gap-fill zone and the daily upper bol of 1686. Bears should be desperate for a daily close back under the 50 day MA, currently 1669...which seems highly unlikely today.




*it should be noted, VIX is showing no clear turn, and is actually still in melt-lower mode.

So..a quiet Wednesday, and I'm simply not expecting any clarity from today.

At best..bears will see a fractionally lower close.

*renewed problems for the bears on Thur/Friday...both are significant QE-pomo days.