Wednesday 24 June 2015

1pm update - provisional break

US equities have seen a break of the giant bearish ascending wedge... as confirmed via VIX 12.80s. Clearly, the current move is only moderate weakness.. but it IS an important break. More significant weakness into next week looks due.. first support will be around the 2100 threshold.


sp'60min



VIX'60min



Summary

Finally... we have a clear break.

Regardless of how we close the day.. the bears did at least achieve that.
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notable reversal.. NFLX.. having swung from $706 to 680.. as Icahn has made a run for the exit door.


The daily black-fail candle.. is a real problem. The giant $500 threshold is a very valid downside target.. if the broader market sees a sig' correction into the late summer.

Of course.. divide 500 by 7.. so ... $71... call it the 75/70 zone.