Wednesday 7 January 2015

10am update - down trend broken

US equities open higher, with the short term down trends decisively broken. First upside target is the 50dma of sp'2040.. along with a VIX back in the 18s. Metals are cooling, Gold -$7. Oil is battling upward, +2.1%.


sp'60min


Summary

So... we're almost 1% higher on most indexes, and we have a bullish MACD cross on the hourly cycle.

Could be the start of another major wave to new highs... the sp'2100s remain viable by end month.
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Notable early gains, JCP +21% (not a typo.... no doubt a huge number of bears having to closeout), M +2.6%.. as retail catches some serious buying interest.