Wednesday 27 June 2012

2pm update - Battle of the PIIGS

Whilst the casino wheel continues to slowly spin this afternoon, there are other more important matters due to begin...

The Euro' 2012 football match - Portugal vs Spain  ;)   I think I can say (without the SEC sending a SWAT team through my window), I would be 'bullish Spain!'
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sp'60min H/S formation


Summary

Bears would very much prefer a close under the hourly 10MA of 1324. That would certainly take the edge off today, and would still easily allow a move to 1300/1290 by Friday.

As noted MANY times this month, it will be important to see the month of June close sp<1305. A close this Friday of 1330s or higher would seriously wreck the monthly bearish outlook.

More later...but there is an important game to focus on!


ps. The big unknown about today's big game...who will ask the referee for a bailout first?