Thursday, 9 January 2014

2pm update - holding the 1830s

The main indexes continue this seemingly endless period of sideways chop in the sp'1830s. The lower bollinger on the hourly cycle is now up to 1830..and indeed, that should hold as support into the close. Metals holding minor gains, gold +$4, whilst Oil slips ever lower...-1.0%



Lets be clear..there is 'small risk' of downside to the original fib target zone of 1820/18...if Mr Market really wants to confuse the mainstream.

Not that such a down move will do anything to negate the broader upward trend.

Best jumps into the 1840s tomorrow...and keeps on going on,  'good news is actually good news'.

DRYS is still struggling... -3%

Next support is the 50 day MA..around the price cluster zone of $3.50. I'd be real surprised if that doesn't hold. The bigger weekly chart is also offering key rising support in that mid $3s.