Thursday, 5 November 2015

11am update - naturally lower

US equities are (not surprisingly) unable to hold the minor opening gains.. with the sp' set to cool to the 2080s. VIX is leading the way, breaking into the 16s.. headed for the 18/20 zone.. which would equate to the 200dma of sp'2062. Oil remains increasingly weak, -1.7% .




*I am trying not to get lost in the minor noise, and highlight the bigger daily charts this hour.

So much for the opening high of sp'2108 huh?

At the Friday open there will be trend support around 2080. Any gap under 2080.. will be highly suggestive of a weekly close.. somewhere in the 2065/55 zone.

Broadly.. a 38% retrace to the 2020s looks due... but that is clearly not in range until next week.

notable weakness: DIS, -1.4%.. ahead of earnings.

The daily MACD cycle has turned negative.. and there is a viable fierce gap lower tomorrow.. at least to the 108/105 zone.

I'd imagine the trader who spent $0.75million on Nov' puts yesterday morning is already smiling.

QCOM remains in train wreck mode, -14%.. currently testing the Sept' low in the $52s.

11.34am.. QCOM takes out the last line of defence... hitting 51.35... ugly.