Wednesday, 13 August 2014

11am update - clawing upward

US indexes are holding moderate gains, with the sp' still to break the Monday high of 1944. First upside target remains the 50 day MA of 1955, where there are also other aspects of resistance (notably the weekly 10MA).


sp'daily5


Summary

Maybe its just me, but this morning feels more tiresome than yesterday.
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Suffice to say... near term trend looks okay into the 1950/55 zone by late today. I suppose it could drag out into tomorrow, but as noted earlier,... I am not particularly in the mood for holding long overnight.

Notable strength: AMZN +3.6%. I guess everyone is looking forward to the huge loss for Q3 earnings, yes?
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11.15am.. With the break >1944.. .things are pretty straight forward...

Headed to the 50 day MA @ 1955.... probably within a few hours.