Monday, August 29, 2011

Morning update

Bulls hoping another QE next month are pushing the indexes up this morning. The buy signal generated on Friday (hourly chart) getting confirmed this morning. However, no confirmation from two hours chart, the time frame I trusted lately.

Looking at the bigger picture market remains vulnerable to another plunge. On weekly chart EMA 20 is touching EMA 40 for the first time since the March 2009 bottom. It it very important to see if SMA 75 is going to act as resistance or not. Right now SMA 75 is around 1,215 and I won't be surprised if the present mini-rally is going to end around this level.

More details later

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