A powerfull rally by Dow, Sp500 and FTSE closed the gaps and advanced to try the falling 8 week MA for the second time during Thursday. Dax seems to build a weekly double bottom just now for a possible rally next Monday. However Dax, IBEX, MIB and OMX have not even closed their gaps and the overall picture seems quite weak for these indexes.
The 2 hour trend is still up for all indexes and the daily MA:s still give a mixed picture for further advance. Obamas coming job speech Thursday to the Congress seems to have helped the US indexes. Personally I doubt that the trend by the three strongest indexes will close this week above the weekly 8 MA so I believe in a top out trend for Thursday and Friday and a possible change of trend to down soon.
EURUSD are working to get below the sideways trends low. If it holds this week a new attempt will soon follow. Crude oil has rallied but are still in a dangerous technical situation which will force the oil to fall even if it can hold up for another week or two.
I still keep cash but I will short the SP500 if it hesitates to close above the weekly falling MA and I really want a few short positions in oil before the drop.
The 2 hour trend is still up for all indexes and the daily MA:s still give a mixed picture for further advance. Obamas coming job speech Thursday to the Congress seems to have helped the US indexes. Personally I doubt that the trend by the three strongest indexes will close this week above the weekly 8 MA so I believe in a top out trend for Thursday and Friday and a possible change of trend to down soon.
EURUSD are working to get below the sideways trends low. If it holds this week a new attempt will soon follow. Crude oil has rallied but are still in a dangerous technical situation which will force the oil to fall even if it can hold up for another week or two.
I still keep cash but I will short the SP500 if it hesitates to close above the weekly falling MA and I really want a few short positions in oil before the drop.
No comments:
Post a Comment