Monday 5 January 2015

10am update - a test of the 50 dma

US equities open moderately lower, with a test of the 50dma due across most indexes - equiv' to sp'2040. Metals are building borderline significant gains, Gold +$10. Oil remains sharply lower, -3.4%. VIX is making another play for the 20 threshold, +12% @ 19.93.


sp'60min


sp'daily5


Summary

*as has been the case for some days, the smaller hourly cycle is already on the low end.. market remains poised for another push.. to new highs.
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There is a rather obvious price gap around sp'2017, but that is another 1.1% lower... it won't be easy to reach, despite the current downside trend.
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Notable weakness, oil/gas drillers, copper/coal miners.

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stay tuned