Wednesday 10 September 2014

Closing Brief

US equities closed a little higher, sp +7pts @ 1995. The two leaders - Trans/R2K, settled +0.1% and +0.6% respectively. Near term outlook offers the low sp'1970s, with VIX 15s... before new highs later in the month.


sp'15min


sp'60min


Summary

*price structure on the 15min cycle shows the baby bull flag, which break upward in the closing hour.
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Overall, yet another choppy day, although yes.. we did break a slightly lower low of sp'1982.

All things considered, I'd still guess we eventually floor in the low sp'1970s, where there are many aspects of support.
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meanwhile... over at Mt Doom (Iceland)



Continued sig' quakes in the 5s at Bardarbunga, and the caldera continues to sink.. a major explosion seems very likely. As ever, that event could be hours... or months away. Volcanoes are even harder to predict that the equity indexes!

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more later.. on the VIX