Tuesday, 14 July 2015

2pm update - weakness still due

US equities are stuck around the earlier high of sp'2109.. with VIX in the low 13s. The hourly cycle remains on the high side, and there will be ample opportunity for the equity bears to make an appearance within the next 5 trading hours.




Price action is increasingly stuck.. and the hourly equity cycle is due to turn negative in 2-3 trading hours. Certainly, we look set to lose the sp'2100 threshold by tomorrow.

As ever.. Yellen is a wild card...  there is also a Fed beige book at 2pm tomorrow.

*I continue to have eyes on INTC, but near term price action - considering the indexes, is particularly weak.

Broader price structure (as I've been droning on about for over a month) is a giant H/S formation.. offering downside to at least 26/25.. ideally $22.50.

I still think INTC is a key signal for the broader market.. and if correct, it bodes for main market trouble this Sept.

Meanwhile in London city... approaching grey gloom.. from the west.

Bullish Tuesday rains
stay tuned