Thursday 13 June 2013

2pm update - a close above sp'1630?

With the sp' breaking to 1625 a little earlier, we were a mere 5pts away from what is the most important level of 1630. That would break a lot of resistance, and open the door to the 1645/50 zone by the Friday close. VIX remains significantly lower, and a close in the 16s looks likely.


sp'15min


Summary

We have what might be a baby bull flag on the 15min cycle.

Perhaps another 30-60mins trading a touch to the downside, but then a break higher into the close.

If Mr Market wants to keep everyone on edge overnight, it'll close somewhere in the 1627/29 area.
--

All things considered, I think the low is in @ 1608..and we're going to take out the 1648 high, if not tomorrow, then early next week.

--
2.13pm.. sp'1627s hit...hmm, I'm just getting a bit edgy.

tight stop set on my HEAVY long position, looking to get kicked.


2.17pm.. 5/15min cycle charts look VERY toppy...  stop raised..looking to get kicked any moment!

stopped out of index HEAVY longs @ sp'1628.

(holding MRO - long, into Friday)
--

VERY pleased with todays recovery. What a day!


2.33pm.. next upside target is of course sp'1630.. I expect that to be broken, and closed over.

A close of 1635 - at the upper hourly bollinger band..seems viable.

If Mr Market wants to nuke the bears..it'll gap right over 1648 at the Friday open.

*if market sees a minor down cycle early tomorrow, I will pick up a new (smaller) index long position.

Daily charts offering the sp'1700s by mid July.
--