Sunday, 23 August 2015

6pm update - spinning up the futures wheel

Good evening. US equity futures open moderately lower, sp -8pts @ 1962. Having seen a fall from sp'2096 to 1970 across just 15 trading hours, the bull maniacs should be in panic mode. In early trading, Gold +$3, with Oil +0.3%




Regardless of any near term bounce, it is a rather exciting thought that if you consider everything from Oct'2011 now complete.. a fair retrace in Fibonacci terms would be at least to the low 1700s.

That of course would decisively undercut the Oct'2014 lows... and remember back then.. the Fed wheeled out Bullard who overtly threatened the market with QE4.

We have an interesting evening ahead.... I will post updates as merited.

*keep in mind, China does not open until 9.30pm EST.... but we do have Japan, Australia, and other Asia markets before then.

Stay tuned... and please... say hello via Disque comments!

yours...  always here.

6.10pm.. sp -10pts... 1960

*its supposed to my weekend... so bear with more typos than normal.

If I type 2060 instead of 1960... its because I'm fading and need more tea.

6.17pm... -12pts.. 1958...  with no PBOC rate cut.... there is no momentum change.

Next soft support 1950/40 zone, but really... you know the real big level is the Oct' low .. across all indexes... sp'1820.

6.38pm.. -12pts  1958.... .  lowest so far ... -14pts 1954.

With Asia yet to open... momentum is most certainly still bearish... with ZERO sign of a turn.