Couple of interesting things towards the end of the day. Firstly, though, the day got off to a good start, staying under the 100 MA fo a long time, giving an opportunity to stay in and rack up some points.That was good for around 100 points, getting in around the 8980 lower high.That was followed by a bear flag that, short term, failed to perform.Interesting.Second interesting thing is the fact that it was stopped by the inverse H&S that did perform, just breaking the 100 MA before the close.
This could mean that, as a downtrend TA failed to perform, the market wants up.You'd have to say, though, based on the 10 min charts, that one has to consider the downside target of 8730 or so.Bit in the air I suppose, but I'd plump for support here at 8830.
Could it be that we have just completed an NR7, with the total gain over the last seven days being just 130 points? Maybe this is the wind up to shooting off to 9750.... who knows.