Wednesday 8 August 2012

3pm update - closing hour weakness

The smaller cycles offer the potential to allow a close below the morning low of 1394. VIX remains marginally lower.


sp'60min


Summary

Can we close 1393 or lower by the close? Hmm, it sure won't be easy, there just seems a total lack of momentum in either direction today.

I do argue there is slightly more chance of a red close than a green one, even though the daily cycle is still pushing higher.

More after the close...on what remains a very quiet day.