Jun 18, 2013

Short term update

Short term signal: UP
Intermediate term signal: UP
Comment: at last the bulls moved the price above MA20 and the previous day high. We have long signal but I will be very careful, the intraday looks very ugly I would take profits. Tomorrow is FOMC usually a event marking reversals....

Expected behavior:
- more upside - the price should stay above support and MA20 ~1640

Levels to watch SP500:
- 1640 should hold
- 1660 is possible target

Levels Xetra DAX:
DAX the upper trend line is tested again and the move looks very very weak, it can plunge any moment....
- 8175 support support
- 8250 resistance

And still the main scenario is playing out... with very weak and choppy wave, but is it still C wave up. The index moved above MA20 on the daily chart and as long as it stays above it(~1640) we have an ending diagonal higher.

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