Tuesday, 18 August 2015

1pm update - closing support at the close

At today's close there will be strong rising support at sp'2096/95. Even then, equity bears will need the 2070s - with VIX 15s, to offer clarity that the market won't resume clawing higher into the opex/weekly close. Metals are weak, Gold -$2, with Silver -3.1%




From a pure cyclical perspective we're set to see the hourly equity cycle turn negative in this hour...  but where is the downside power going to come from?

For the moment, I'm sceptical.

notable weakness, miners, GDX -2.6%

AA, -1.8% in the low $9s.
stay tuned