Thursday, 13 August 2015

10am update - opening chop

US equity indexes open with some moderate chop... leaning on the weak side. A break back under sp'2070 looks viable today, along with VIX back in the 15s. Things only get interesting on a daily close in the sp'2060s.. along with VIX 16s. Oil is notably weak, -1.8% in the mid $42s.




*note the third consecutive green candle on the VIX... the 17/18s look due.. if sp'2040s.

From a pure hourly cyclical perspective, the setup favours the bears across today, and particularly tomorrow.

Right now, a weekly close in the 2060s with VIX 16s looks a reasonable target.

Certainly, those equity bull maniacs seeking new highs.. with a weekly close above the sp'2100 threshold look set to be disappointed.

notable weakness: miners, GDX -3.7%, as Gold prices resume lower, -$7.

10.06am.. with sp'2079... .  first target is the hourly 10MA of 2073...    considering the setup... a daily close in the 2060s now looks very viable.. and that will really spook the bull maniacs buying yesterday.