Monday, 26 October 2015

11am update - natural chop

US equities are in minor chop mode.. and that seems likely to continue for at least another day or so. The daily charts are highly suggestive the market will not be able to see sustained action >2100 in the current up wave, and will instead see a retrace to no lower than 2000 by mid November.




Little to add.. on what is going to be a rather quiet couple of days.. ahead of the FOMC.

As things are, I'm more inclined to see the GDP data (due Thursday) as the first excuse for a market retrace. Market is expecting Q3 +1.7%.. which although not a bold number, could still be missed.

notable weakness: QCOM -3%, AAPL -2.6%...

If AAPL earnings please the market, that would make for an extra push to sp'2080/90s..before a short term retrace.

time for an early lunch