Friday, September 3, 2010

Mid-week summary

As usual we check our week-end forecast vs. facts.

This is the forecast from last week-end:

And this is the current status of the market:

Summary: bull scenario is in play. ROC(12), CCI, also 60-min VIX-based CCI suggests an upcoming minor correction, however surging bullish volume on 1-day chart most probably will result further upward progress.

Bull rally could be completed without any major gaps. Week-end target 1170 has been completed, therefore we need to define new danger zone and liquidation points. Possible support, danger zone, ichimoku cloud support has been defined as below.

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