Wednesday 27 June 2012

Daily Index Cycles - Bearish Wednesday ahead

The daily cycles all look set for a bearish Wednesday..and indeed, possibly the rest of this week. First downside target will be sp'1300/1290..which is feasible by the end of tomorrow.


IWM, bearish



Dow



Sp, daily, 4mth



Transports


Summary

The MACD cycle (blue bar histogram) is indeed set to go negative cycle tomorrow. The algo-bots will doubtless be programmed to sell into that type of signal. At some point we are going to take out the recent sp'1266 low..and then move to 1225/00. The early part of July..starting next week no less, will be one VERY busy time for those shorting their way to sp'1150/00.

I remain holding short overnight..and indeed, seeking my next exit (my third post-FOMC short-trade) somewhere around sp'1300/1290...late Wednesday..or Thursday. I really don't mind ;)

A little more later...