Wednesday, 2 April 2014

2pm update - rolling over

Having broken new historic highs for some of the indexes, it looks like we'll see some moderate weakness into the close..and early tomorrow. The hourly index cycles look set for a bearish MACD cross before the close. Retrace target is somewhere in the 1875/65 zone.


Summary see how the remaining two hours pan out.

Right now, best case for the equity bears is a close around 1880. That will easily bring within range a brief minor washout tomorrow.

I suppose it could drag out until Friday, but really, the weekly charts are pushing higher each day, and we all know many are looking to jump onboard. Regardless of how tomorrow goes, I'd still look for a week close, somewhere in the 1885/95 zone.

Notable weakness: TWTR, -2.6% in the $45s, and with the recent break of $50..this sure looks ugly..

stay tuned!