It looks like the Bears, or at least 1 big bear, has decided that 3950 is enough for this run. It has been defended twice with some serious volume two days in a row. Will be watching for a roll back into various 50% support levels. Last weeks mid point being an obvious support at 3860. Below this the shorts may be back in control.
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May 2009
May 11, 2009
May 05, 2009
Stronger for longer?
So we made a new high yesterday and will push up a bit higher today on the open. Well who woulda thought? Not the media Muppet's that's for sure, nor the yesterdays news crowd which have been busily stocking up on gold and baked beans.
I'm not getting carried away with this but the first step is in place a higher high. Lets see where and when the higher low comes into it. Something that is interesting is the biggest of the big Caps made a high mid April and didn't tickle those highs yesterday as the XJO/XAO was making new highs. So will that be some nasty divergence or a sign that once BHP and the Big 4 banks get going we could easily add another 200 points in a couple of days. Maybe next week?
Something to keep an eye on.
- trembling hand trader At yahoo Dot com Dot au [no spaces]
