22/05/2012

DOW, SP500 FTSE and DAX fell sharply last hour in US Tuesday to close at Mondays level.

All indexes rose in Europe with strong 2 hour up trends until close. SWED and IBEX closed at the high of the day at 1.001.45 and 6.637. DOW, SP500, FTSE and DAX continued on upside but the trend lost steam 2 hours before close and fell sharply back to Mondays closing levels. DOW 12.504, SP500 1.316.77, FTSE 5.356.90 and DAX 6.370.64. This means that the hourly trends are now down to sideways when Asia opens. The daily down trends are still very well in place. SWED and IBEX might see a lower opening on Wednesday.

It is to early to tell if the last two days up trends is only corrections of the down trends or if some sort of bottom building will start. The Euro fell to its last resistance against the dollar at 1.2647. Gold and Brent crude also fell to its earlier lows for the month, 1.564 and 91.60.
The volatility will likely continue during Wednesday.



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