Thursday, 26 March 2015

11am update - bearish engulfing candles

Regardless of how we close today, the bigger weekly cycles are now strongly bearish.. with bearish engulfing candles on a number of indexes. Lower lows look due early next week..  at least to the sp'2020/10 zone.. where the 200dma is lurking. Although it is notable the Trans 'old leader'.. has already breached that key MA.


Trans, weekly


*as ever..  intra bounces are natural, even in an increasingly strong down trend. What should be clear... a lot of technical damage has been done since the break of sp'2085 yesterday morning.

Notable 'fear bid' gains.... Gold +$10... with Oil +2.7% ... as Saudi Arabia attack Yemen.

Clearly... peace in the middle east is still a few thousand years away. I guess that is bullish defence/war sector.

notable reversal/strength: DIS, +0.4%.. although still looks headed for 103/02 within a few days.. having broken the up trend.

time to shop... back soon

11.40am  intra bounce well underway... indexes could easily turn green... but sig' damage has been done... it'd be surprising if we don't resume falling into next week.