Thursday, July 30, 2009

Market Update - Jul 30th '09

We've seen the market pausing and even resting a bit on the 968 level yesterday. It is now going to test 984 again but while 1000 is now really just a stone's throw away, we have increasing indications of a market stall. Note however that we cannot evaluate how far our leading indicators are looking so the market may still try and hit 1000 before stalling and maybe retracing. The overall picture remains quite bullish at the moment.

TF is also on a strong resistance (next target would be in the 600 area). Such breakout would equate to another jump of nearly 10%, which is possible but unlikely at the moment.

( posted 7:25 AM UK )