Wednesday, 23 July 2014

2pm update - the upside resumes

A single net hourly decline is probably all the equity bears are going to get today (yeah, I realise how annoying that is to hear). A close in the sp'1985/90 zone looks probable. VIX reflects a fearless market... no matter how many civilian/military planes are shot down.

R2K, 60min


If you will indulge my own long-index trade for this hour...

The R2K broke out last Friday. A perfect back test against the old down channel.. and we're now in some form of up wave. So long as we don't break back under 1150, I ain't worried.

A weekly close in the 1170s would give me confidence about the outlook into the late summer... where we should be in the mid 1250/75 zone.

   in a rather hot capital city.