Posts by Steve Rushton

Keeping an eye on the oscillator which still looks like it needs more time.

The Mob and Oval (advanced get tools) suggest major support at 1750 next few days.

A move above 1798/1800 would indicate a rally up to the mid-point at 1827 at least.

Not convinced that this pullback is over.

Short-term bounce at 1775 but oscillator looks like it need more time to stabilise.

Waiting to see things lining up for a safer long entry.

ie either below the lower grey boundary or above the green line.

A short-term bounce occurred at 1773, and this looks like a minimum pull-back.

As the oscilllator has only just pulled back to zero, some stabilisation should be required before it is safe to place a long position.

I suspect we will see 1750 sooner rather than later but if we see strength above 1800 today, a recovery is under way.

Ideally a long position in the 1740-50 area with a close below the grey boundary.

A very strong 2% sell off in the SP, breaking through some key levels including the 55EMA, indicating the potential for a much deeper correction perhaps ultimately down to 1650 or so.

No reason to go long at this stage but watch to see if 1772 (the horizontal support line) holds. I suspect a few days of consolidation may be required before a short term bounce.

If the SP rallies strongly on monday, GO Long at 1822. Otherwise position remains SHORT.