Wednesday, 31 July 2013

12pm update - still broadly climbing

The main indexes are holding gains, although nothing too significant so far today. The sp +7pts @ 1693, having hit 1696. Gold remains very weak, -$18, whilst Oil is recovering from recent daily losses, and is +1.2%. The FOMC announcement is just two hours away.



I've no doubt some will be calling a top ahead of the FOMC, but really, it'd be kinda surprising if we see a reversal from the mere 1690s.

Daily charts are offering the 1715/20 area, although that now seems more likely at the end of this week.

*metals sure look weak, and it would appear that after trying to break old broken support, they are beginning a new multi-week down cycle.

VIX update from Mr T.

time for lunch!