Thursday 2 July 2015

1pm update - big bear flag?

US equities are moderately lower, with the sp' having marginally broken under rising trend/support of sp'2073. Broader price structure is a viable bear flag spanning the past 3 days. VIX is reflecting some renewed market concern, +6% in the 17.10s.


sp'60min



vix'60min


Summary

One thing should be clear... holding long across this particular holiday weekend seems overly risky.

I'm trying to refrain from counting any of the recent nonsense, but price structure is pretty clear... its probably a bear flag.. offering downside to at least the sp'2050s.

If the 2050s fail to hold... and the Greeks vote no... there is empty air to the giant 2K threshold next Monday.
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notable weakness: BAC, -1.7%... rough end to a short week