Thursday 4 December 2014

10am update - failure to launch

Whilst Orion will remain on the pad for at least another day, US equities are a little weak. Metals are weak, Gold -$6. Oil is on the slide, -1.4%, in the $66s.

sp'60min


GLD, daily


Summary

Whilst the Dow did make a notable (if marginal) new historic high in the previous two days, price structure on the sp'500 hourly cycle is offering an effective micro double top of 2075/76.

First downside target is the recent low of sp'2049.

Daily cycle currently offers the lower bol' in the 2020s, but that is clearly out of range this week.
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All things considered though, a day of churn/chop is more likely than anything.. as Mr Market waits for the monthly jobs data..tomorrow.
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stay tuned...

yours.... waiting on the 24hr launch scrub

10.32am .... Nat'gas report...draw down less than expected... $3.69.... no support until 3.30 or so.

Main market.... weak....but still.. small moves.

Noteable weakness, BKS -10%... as they break off from MSFT alliance on Nook.