A repeat performance of last weeks activity to get this week going; a bit of range trading with a firm close. We’re just trading below the psychological 1000 level in the S&P 500 so we’d expect to see some posturing in and around it. What is clear is that the major range has been broken and price appears to be happily holding up. That said we’re very stretched so I am very wary about adding any new positions at present and feel it more appropriate to manage current trades. Our red alert bars have now registered their sixth consecutive warning and momentum is now at the highest levels seen since April 2007. Like the ASX we are also seeing Type-A Bearish divergence on the weekly charts, but need a reversal down and through last weeks lows to get confirmation. If strength remains that divergence will dissipate.
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