Weekend Chart Roundup – Sunday 17 June 2012 (10:05)
Well, another weekend waiting for news out of Europe is over. How many times have we done this in the last 18 months? This time it’s more elections for Greece and disaster averted (heavy sarcasm) because the Socialists missed out by a whisker.
The uncertainty will still persist because the slightly-right-of-center parties have to form a coalition Government. And radical medicine is required – that a coalition Government is unlikely to be able to administer. Greece is broke, in a depression and experiencing a diaspora.
Still waiting on my daily charts for resistance levels (risk-on charts) to print. I think Tuesday into Wednesday’s activity will be key. If we are in a downtrend, then resistance levels will print quickly and not be broken. And maybe with a big down day due mid-week? We’ll see.
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