Thursday, 9 July 2015

1pm update - baby bull flag

US equities have continued to cool from the earlier high of sp'2074... to 2058. Price structure is arguably a baby bull flag, offering renewed upside into the close. As of Friday, resistance will be 2068.. and that seems a viable key target within the next 2-4 trading hours.




*unless equity bears can break into the VIX 20s... bulls should not be overly concerned at what are some rather strong intraday swings.

Best guess remains... a break above resistance... sp'2075 (today), 2068 (tomorrow), such a break should offer clarity that further upside is due next week.

notable strength: CHK +4.0%, as Oil holds gains of 2.3%, Nat' gas +0.6%

weakness: INTC -0.8% in the $29.20s... a third day battling to hold the key $29 threshold.