29/11/2011

All indexes have gaps at the bottom to cover. Quick turnaround down could happen

In the current uptrend only DAX and CAC have closed their gaps. All the other indexes have to go higher. DOW to at least 11.791.3, SP 1.214.72, FTSE 5.346.52, SWED 940.07, MIB 15.230.9 and IBEX 8.303.

The 2 hr up trends are in tact and a a gap cover could happen today or within the next few days. Some indexes may not be able to close their gaps before the markets tops out and the trend changes to down. Lots of news today in Europe and the U.S. so a sudden rally or drop is in the cards.

More important is the gaps that all indexes got at the bottom when the uptrend started. That means that when the top of this uptrend is in, there could  be quick falls down to these gaps. Here they are: DOW 11.240.6, SP500 1.159.40, DAX 5.456, FTSE 5.183.25, SWED 891.4, MIB 13.961, IBEX 7.761 and CAC 2.866.

I will follow trading in SP500 from now until US close and Asia opening and post messages as soon as I see something of importance.


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