Tuesday, October 5, 2010

No "sell" signal

No EMAs crossing so no "sell" signal today, instead we have a higher high on daily chart.

There is little resistance ahead, just a little bit around 1172 but not too great volume at that level. On weekly chart there is no resistance, just a big gap from here to 1220.

Today action is mainly due to Japan's surprising rate cut. Let's see what else could make bulls adventurous at this point. I would still be cautious here since market is overbought on short term.

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