Thursday, 27 August 2015

1pm update - 50% retraced in 11 hours

US equities have already retraced half of the declines from last Tuesday's high of sp'2103. The smaller cycles continue to offer downside, but as things are... there is no sign of a turn. At the current rate... we'll be trading at 2100 by the middle of next week.




Well... we're still climbing.... after an early retrace to sp'1960.

Even at the current rate of increase, underlying daily MACD cycle will not turn positive for at least another 3-4 days.

Here is where it gets really crazy though...

We're currently net higher on the week.. with a hyper-spike floor.

I'm content on the sidelines. I will not chase things higher from current levels, nor with the smaller cycles as over-stretched as they unquestionably are.

If we don't cool before the weekend... fine... I'll just wait it out until this madness maxes out in the sp'2050/70 zone.

stay tuned!