Monday, 10 August 2015

11am update - approaching resistance

US equities are holding significant gains, with the sp'500 on the edge of the 2100 threshold. Equity bull maniacs need a daily close >2114 to open the door to new historic highs. Considering the broader weekly/monthly cycles though.. nothing has changed, and the price momentum continues to swing toward the bears.



Hourly MACD (blue bar histogram) is now positive cycle, with a bull cross. In theory... upside into Tue/Wed.

Again.. the critical issue is whether a break >2114 is achieved.

Best guess... another marginal lower high...  with a daily close under the 200dma, now @ 2074.

notable weakness, QCOM...

A rather ugly chart... repeated rally fails last week... sub $60s look due.