Thursday 16 July 2015

10am update - opening gains

US equities open moderately higher, with a new cycle high of sp'2121, with VIX naturally cooling to the low 12s. USD is +0.3% in the DXY 97.40s. Metals are under pressure, Gold -$5, with Silver -0.6%. Oils is moderately higher, +0.3% in the $51s.


sp'60min



VIX'60min



Summary

So.. we're higher.. at the upper gap zone. Above sp'2120 and there really isn't anything until the recent historic high of 2134.

Right now.. its not looking great for those seeking a retrace.

The lower gap zone of 2080 looks difficult, but 2095/90 by the Friday close is still in range.

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Notable mover... INTC, pretty unstable price action though... hitting $29.70, before swinging back higher.

60min cycle


Keep in mind that INTC was trading in the low $32s in Wednesday AH action. Current price action is a major fail. with underlying earnings... lousy.
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10.25am.. We're clearly seeing some initial resistance around the sp'2120 threshold... bears really need at least a minor net daily decline to offer some hope of 'weakness into the weekend'.

VIX early floor of 11.97.. a full 2pts below yesterday afternoons high. Urgh.