Thursday, 6 August 2015

3pm update - weakness into the close

US equity indexes are set to close lower, having confirmed the failed spike/rally seen on Wednesday. Regardless of the exact close, the setup greatly favours the equity bears into the weekly close... the only issue is whether the market will get a close under the 200dma tomorrow.




Interesting day...

Price structure is a bear flag on the smaller 5/15min cycles.... renewed weakness into the close looks due.. not least as some of the rats might wish to exit ahead of the monthly jobs data.

After all.. if the jobs data is 'good news' tomorrow, that will heighten concerns about a rate hike.. .and few see that as bullish for the economy.

*I hold short the market overnight, I'm seeking lower levels before my next exit.

3.06pm... Oh lookie... clown finance TV has rolled out the Gartman...

Prognosticator of prognosticators.