Technicals | Sep 05 2013
From the TechWizard's office he sees a main bus terminal in the CBD of Sydney. And it seems that drivers of certain buses ie 512, 407, 412 exhibit distinctive patterns. Some arrive late at the terminal some early and some just on time.
After watching for a few months, the Wiz [who clearly has too much time on his hands] notes they have a pattern and constantly repeat themselves. Well that’s what the Wiz sees in charts: repetitive patterns; and he sees that the US S&P 500 futures price is heading back to new highs, he thinks.
Looking back late last month after a heavy sell-off, the MACD turned up and whoosh we had a fast and furious rally back towards new highs.The Wiz sees a V-bottom and the MACD turning back up, with support from a very bullish weekly chart. Another run to new highs is on the cards.
SP Daily
SP Weekly
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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