Monday 23 March 2015

2pm update - remaining mixed

US equities remain mixed, with minor gains in the Dow/Sp, but with very notable significant weakness of -1.6% in the Transports. Broader price action remains one of consolidation in time - rather than price, and market looks set for another batch of new index highs this week.


sp'60min



Trans


Summary

Little to add... on what is a rather good example where the smaller 15/60min cycles reset from overbought.. even with some net daily index gains. For the bulls.. this is obviously somewhat amusing.

The sp'2100 looks like secure support... with 2120/30s due in the near term.

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notable strength: energy stocks, CHK +2.9%..... but the broader trend remains.... dire.