Monday, 26 October 2015

1pm update - chop chop

US equities remain in micro chop mode, with the sp'500 -1pt @ 2073. There is near term viable downside to the 2060/55 gap zone, but broadly, the 2080/90s appear more probable before any degree of a multi-day retrace can begin. Oil remains notably weak, -1.0% in the $44s.



Considering the current price action.. the 2060/55 zone looks unlikely until after the FOMC.

notable strength: BABA +2.2%

Like a great many other stocks, even BABA has managed to break up and out of the mid term down trend. First obvious target is the 200dma.. around $81