Tuesday 22 May 2012

3pm update - closing hour mini ramp?

The chop seems to be concerning a few 'out there', but really, its only day'2. We saw a LOT of confirmations this morning, not least the VIX, which even broke 20 briefly. I remain looking for a significantly higher Wednesday.


Dow'60min


IWM'60min


Summary

The Rus'2000 is weaker than the Dow and other indexes today, but thats not entirely too concerning. It has a little bull flag too, I'm looking for 77.75/80.25 tomorrow.

*The fact that the Dow' has broken outside of the channel is one reason why I'm not too concerned.  The VIX breaking under 20...also helps!

More after the close.