Tuesday, 20 May 2014

1pm update - another wave lower

Equity bears have achieved another minor push lower..to the low sp'1870s. What is clear, any break into the 1850s would break a great many aspects of support, but that still seems...unlikely.



*it is notable that despite the equity weakness, the VIX is only +2%..and remains in the 12s.

As ever..how we close is far more important than much of what comes before.

I can't yet take the declines seriously, unless we see a weekly close in the 1850s..and we've still a long week ahead.

1.40pm.. 50 day MA on the dow taken out.....and we're a mere 5pts from breaking the weekly 10MA of sp'1865.

However, this remains the same price action we've seen for weeks..if not months.

Until the primary upward trends are broken..i'm holding to original outlook.