Friday 24 July 2015

Momentum still weakening

Despite remaining close to the May 20th historic high of sp'2134, underlying price momentum continues to weaken. A break under the giant 2K threshold looks due into the late summer.



Suffice to say, this is the longest MARCON'6 period since the intermediate correction of late 2011.

Ironically, unlike 2011, actual prices remain a mere 2-3% below the recent historic high.

Best guess... increasing weakness from mid August-early October. From there... renewed upside.. with the MACD (blue bar histogram) cycle ticking higher from October/November onward into 2016.