In the daily charts the short term trending indicators have by now been commandeered successfully but a pity it started from the middle ground and reaching the 60% mark now.
In all likelihood, it will be touching the over bought zone by the week's end and if it didn't paddle any higher (minimum required is at least, breaking and closing above the recent highs), is setting itself up for some retracements by next week.
The medium term trending indicators has barely wriggled but at least the steepness is flattening out a little and but still pointing lower.
Only surpassing the recent high then there is some chance of turning it around.
The long term directional indicators are meshed together and trying to separate and re-enact it's earlier direction with this uptick seen today with possibly some equity sell off and downgrade news.
The momentum/volatility indicators only saw the faintest of renewed strength and could be fresh volatility coming back into the market but the news must keep coming to spur it higher.
The fear is, once it dries up, so will the volumes.
Interim supports are at 1244.50, 1219.50 & 1217.50 with minor supports at 1239.30, 1228 & 1218.40.
In all likelihood, it will be touching the over bought zone by the week's end and if it didn't paddle any higher (minimum required is at least, breaking and closing above the recent highs), is setting itself up for some retracements by next week.
The medium term trending indicators has barely wriggled but at least the steepness is flattening out a little and but still pointing lower.
Only surpassing the recent high then there is some chance of turning it around.
The long term directional indicators are meshed together and trying to separate and re-enact it's earlier direction with this uptick seen today with possibly some equity sell off and downgrade news.
The momentum/volatility indicators only saw the faintest of renewed strength and could be fresh volatility coming back into the market but the news must keep coming to spur it higher.
The fear is, once it dries up, so will the volumes.
Interim supports are at 1244.50, 1219.50 & 1217.50 with minor supports at 1239.30, 1228 & 1218.40.
Interim resistances are at 1250.80, 1256.50 & 1277.50 with minor resistances at 1251.70, 1268.30 & 1272.70.
The daily/weekly trend changer points are at 1252.60/1076.80.
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