Friday 25 July 2014

2pm update - afternoon battle

US equities remain weak, with borderline significant declines for the Dow/R2K, -0.9%. The smaller 15/60min cycles offer fair chance of a daily close in the mid sp'1980s. Metals continue to build gains, Gold +$10.


sp'15min cycle


Summary

*best daily close for the bull maniacs..looks to be sp'1984/85
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Suffice to say... it now comes down to the issue of whether we put in the first micro higher low...or see further weakness..closing at the lows of the day.

Considering the VIX.. whose spikes are STILL embarrassingly low... I'd have to side with minor upside into the close.

Clearly, net daily gains...are off the menu. However, net weekly gains..at least for the sp' are still possible
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2.24pm.. Seems I was about 2 hours early on the 'cement the floor' stage. Looks like we have it now.

AMZN -9.9%.... 2% off the lows...but still..not exactly the big reversal I was expecting.


Sp'1978.... that is FLAT on the week.... not exactly bearish....not least with a new high of 1991.