Thursday, 7 August 2014

11am update - the battle continues

US indexes are battling to hold minor gains. Underlying price momentum is swinging (if slowly) back to the bulls. A weekly close in the 1940s remains viable.. which would probably equate to VIX 14s.



A brief look at the bigger daily cycle.

Clearly we are OUT of the down channel.

Equity bears should be seeking a FAIL to break much above 1950/60.

Bulls need 1970s to clarify 'new highs are coming'.

time for an early lunch

11.20am.. sp -3pts @1916. Hmm....

Thing is.. .price action is'd be surprising if the bears can break a new low today.

I realise some out there are seeking another little wave lower. .to 1905/00.. even the 1890/80s.

Overall though, looks a lousy place to still be short.

11.33am.. chop chop... and no doubt the bearish chatter is increasing...

As things are... price action is relatively stable....another day of chop..before the first real up day..

Am I sounding overly bullish? Gods help the bull maniacs now huh?