Thursday 26 March 2015

12pm update - intra bounce

US equities are seeing a natural bounce.. having made a new cycle low of sp'2045. The bigger weekly cycles are highly suggestive of lower levels into early next week. Metals are holding 'fear bid' gains, Gold +$9, with Oil +2.8%. VIX has rapidly cooled from a morning high of 17.19 to the 15.80s.


sp'60min



VIX weekly



Summary

*I wanted to highlight the VIX, to note the viable upside early next week.... the 21-23 zone looks a viable target is sp'500 test the 200dma.
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Suffice to say... its been an interesting four days.. having fallen from sp'2114 to 2045. Whether you want to call it a C, 3.. or 'whatever' wave... the bigger picture is again teasingly bearish.

As ever... the style in which we close March.. that will be pretty important... and could help shape how we trade into the early summer.

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VIX update from Mr T.


--
time for lunch


12.34pm... First resistance is the hourly 10MA... which at the close of today will be around 2060.

Certainly, a daily close under 2060 looks probable.... and renewed sig' weakness into the weekend looks viable.. 2030s are well within range... which would clarify 2020/10 next week.