Tuesday, 20 October 2015

3pm update - chop into the close

US equities are set for futher chop into the close. The smaller 5/15min cycles are threatening a bear flag into tomorrow morning, but regardless.. the sp'2040s look due.. with 2050/60s more viable next week. Oil is attempting a flat close.. ahead of the next pair of inventory reports.


USO, daily2


So.. a third day of relative chop.. but broadly.. the underlying pressure is clearly still to the upside.

ALL indexes look set to test their respective 200dmas... and it is notable that the Nasdaq already is.

TSLA remains under severe pressure, -9.5%... the $200 threshold looks set fail.

NFLX -2.5%... but battling for a second consecutive daily close >$100.

*I remain long Oil via USO.. I'm seeking an exit in the 16s.. if not 17s.. before the current up cycle is complete.