Tuesday 1 October 2013

2pm update - the two leaders... are leading

Whilst the headline indexes are battling to hold the earlier gains in the sp'1690s, the two leaders - Trans/R2K, are showing much more clearly, the new trend. The R2K has already broken new historic highs, and the 1100s look viable within days. Metals remain much lower, with Gold -$40


Trans



R2K


Summary

I think its a case of ignore the minor afternoon price-chop noise, and follow the leaders. Trans' has an especially clear bull flag..which is being confirmed with today's break higher.
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more later...


2.20pm.. minor down cycle - which is a simply bull flag on the hourly charts.

Market should be floored by 3.15/30pm...and rally in the closing 30mins.

A close in the 1690s will easily suffice to clarify the turn.
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2.32pm.. today.. good example...little afternoon wash out..weak bulls out, and (probably soon) the bear chasers about to get short-stopped as we move back upward into the close.

micro 5/15min cycles should not be floored within this hour.