Jun 5, 2013

Short term update

I was a little bit too early calling for a short term bottom... I would have stuck to the weekend forecast something between 1600-1620.
If I look at only the indicators without a chart I would say we are near to the end of a correction 8%-10% Market breadth indicators, the histogram are oversold and at levels which usually mark intermediate term bottom. If you look at the chart you will see just a normal pullback 4%-5% and the price is testing MA50 and the channel. That is not very good for the bears,the market is already too stretched to the downside. I can not imagine a lot more to the downside, but who knows....

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