Tuesday 26 August 2014

10am update - still clawing higher

US indexes continue to push higher, with a fractional new high of sp'2002. With QE across today and tomorrow, the 2010/15 zone is viable in the immediate term. Metals are holding gains, Gold +$11. VIX is melting lower, -1.8% @ 11.49.


sp'daily5


Summary

*equity bears need to keep in mind, $3bn of QE across today/tomorrow...that will likely hold off any minor down wave for another day or two.
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Note the upper bollinger on the daily cycle is now strongly turning upward..offering 2010 by the end of today. Tomorrow, 2010/15 will be very viable.

The bigger weekly cycles are naturally also offering ever higher upside... sp'2022.

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Notable strength: with precious metals on the rise, the miners, GDX +1.4%..reversing much of the Monday decline.