Thursday 19 December 2013

2pm update - bull flag on the hourly charts

Equities are continuing to consolidate the recent gains, but further upside into the Friday close seems likely. Metals are in danger of taking out the June lows before the end of today. VIX has picked up a little, after the earlier slide into the 12s.


sp'60min


Summary

We have - to use an oscarism (Oscar Carboni, you know?), an F flag, on most of the hourly index charts. F flags are exceptionally bullish, and are offering a Friday close in the sp'1820s.

With heavy QE this afternoon..and tomorrow...market looks set for inevitable upside.
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Notable weakness

TLSA, daily


A break <$115 will open up a spring slide to the 70/60 zone, regardless of continued upside in the main market.