Indices finally get in the green, page-2

  1. 2,271 Posts.
    re: Indices finally get in the green....BUT! Positive, yes, but unfortunately our market is about as weak as I've seen it for a while.

    The DOW futures have now gained around 540 points from the double bottom 3 days ago. In that time our SPI200 has gained less than 20 points and struggling to hold that. We can't blame the yanks for this, normally if there was any strength in our market we would have been sucked up by the figures you mentioned in those indices.

    The DOW has is now close to the 50% retracement level from the double top at 10,359 and is due for another retracement. If we can't make a solid rise with the DOW flying upwards, I doubt we can when it retraces. We have now a triple bottom only just holding, and I feel a fourth shot at these levels will see them broken, a very bearish sign.

    The last few days we should have flown if our market had any strenth (I'm still long the SPI but have doubled stops to go short on a fourth breaking of the bottoms.)

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.