Last night's talk was of hints at an end to QE causing the US indices to sell off. As usual, this sort of fundamental event coincided with a "perfect storm" of technicals in the S&P so who knows what the cause really was?Looking at the daily chart we can see the S&P has been in a lovely channel upwards since Nov 2012 and last night it hit the channel top and the 161.8% Fib extension of the move up from 4 June 2012 to 5 Oct 2012 - the 2 waves on the lower left of the channel.The question now is: is the move up from Nov now complete?The fact that it hit the 161.8% extension suggests that it is done as that's the normal target for a wave 3, however, this extension can be exceeded (or even not reached at all) so is there anything else? Well,...

WPP reversed off a resistance from way back on 2nd May 2000 today at 1120p, but has so far bounced off the last breakout point despite the multiple bearish RSI divergence and the rare bearish OBV divergence.For me this would be a long if it clears yesterday's high of 1124p or a possible short if it goes below that breakout point of 1096p Original link...

Tethys Petroleum is in a nice consolidation pattern which will remain bullish down to the 61.8% Fib at around 38p.The pattern up from the 24.75p low to the 59p high looks to have completed a 5 wave move suggesting that this is the first rise in a longer uptrend. The drop to, and bounce off, the 38.2% Fib at 45.75p could be a textbook wave A and also suggests a move towards the 61.8% Fib.Downtrend resistance sits at 56.5p today (falling daily) and there's the obvious 59p resistance too. Supports are at 49p, 45.75p, 42.5p and 37.75p. I'll be looking to go long in that 37.75-42.5 Original link...

Has Petropavlovsk finally found a bottom?Well, we can't be certain but there are supports from back in early 2003 at the 117.75p and 123p levels and POG has formed a hammer at these with the possibility of a big RSI bullish divergence if it does bounce from here.The safest strategy would be to wait for a 123-low breakout ie when the SP breaks to a new high after an initial bounce followed by a higher low. This will take several days to play out if it does occur. For those with a higher risk tolerance, it may be worth going long with a stop below the low of today's hammer of 116p.Beware though. This downtrend has been enormous and there are actually gaps at 111p and 107.5p from late 2002 though all these supports are so old they may be a lit Original link...

This tested the short term downtrend yesterday before dropping to test the 123p support half way down the hammer (this is quite common). It's now trying again to break out of this resistance. I'm looking for a close above 135p (yesterday's high) to signal a possible attempt at the next price resistance at 154p.What we'll then be looking for is a higher low (above the 116p one from a few days ago) and then a 123-low breakout. Plenty of time before we get that far though. Trendline break and 135p to get through first. Looks OK so far though. Original link...