Wednesday, 20 August 2014

12pm update - tiresome market

It remains a tiresome market to watch.. with incessant low volume algo-bot upward melt. Market is merely in a holding pattern ahead of the FOMC minutes at 2pm. Metals are starting to slip, Gold -$2. VIX looks floored in the low 12s.


sp'60min


Summary

..such an exciting market...I fell briefly asleep.

It is notable that whilst prices continue to melt higher, the MACD (blue bar histogram) cycle has turned negative.

That is very impressive. Given another 3-4 trading hours... the cycle should be ready for another up wave. 
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time to cook

11am update - renewed upward melt

Equities resume the algo-bot melt to the upside.. sp @ 1983. Hourly charts will offer 1995/2000 zone on a 'spike high' this afternoon. VIX is melting lower... -2% in the 11s. Notable continued strength in the USD, +0.2% @ 82.05.


sp'60min


Summary

For many, this is indeed just tiresome.

Nothing much to expect until 2pm.. and even then..there is threat of new historic highs.

This is no market for the bears.
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Notable strength: airlines, UAL +2.1%

10am update - minor weak chop

US equities open a touch lower, with the only notable weakness in the R2K, -0.6%. Metals are flat, whilst Oil is +0.4%. Despite the equity weakness, VIX opens fractionally lower.


sp'60min


R2K, daily


Summary

There really isn't much to note.

Market is likely to just see minor chop until 2pm. From there....difficult to say.

What is clear...downside is more likely after Yellen @ Jackson Hole..than this afternoon.
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Notable strength: airlines, UAL +1.5%

Pre-Market Brief

Good morning. Futures are moderately lower, sp -3pts, we're set to open at 1978. The near term trend remains pretty strong to the upside, but there will be stiff resistance in the 1990/2000 zone.


sp'60min


Summary

Market will likely see minor chop until 2pm... when we have the Fed press release of the latest FOMC minutes.

For those seeking a break of the wave from 1904, it would seem more likely to occur this Friday, when we have Yellen at Jackson Hole.

Even then.. downside looks limited to 1950/45...at best, by early next week.

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Video update from Oscar


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Good wishes for Wednesday trading!