Tuesday, 16 September 2014

11am update - still within the near term down trend

Despite the opening reversal from sp'1979 to 1989, the near term trend remains much the same.. slow downside crawl. There seems little reason why sp'1978 will be a key floor... primary downside target remains the 1973/70 zone... with VIX 15s.



..again, its pretty tedious. The price action is relatively minor.

Price structure is a rather clear very large bull flag.. and whether you want to call it a wave'2.. B... or whatever.... the bears remain WEAK.

So...its morning turn time... a problem remains $2bn of QE today.

I'm still guessing we hit the low sp'1970s...but it sure is taking its time to get there.

Notable weakness: AAPL, -1.8%

11.31am.. ohoh... bull maniacs punching higher... sp'1991.. and its on the edge of breaking the down trend.

Short stops will be getting hit now.....  VIX slipping away.. -2.7%

11.37am.. bears losing control.

Worse... daily MACD cycle is levelling out...

VIX -3.2%.... but after the opening black-fail candle..not entirely surprising.