Thursday, 21 January 2016

11am update - leaning toward the bulls

Despite another very messy open, with the market swinging from sp'1868 to 1848, the underlying price momentum is starting to turn back toward the bulls, with the sp+18pts @ 1877.  For the moment, there is no clarity until >sp'1900, or a break of <1812.

spdaily3 - fib issues



*awaiting EIA oil report

**a second spiky floor daily candle.. offering another sign that the bears are exhausted.

It remains messy, but having fallen from 2018 to 1812 (269pts, 12.9%)... we're clearly at increasing threat of a bounce.

re: chart' sp'daily3

I see a lot of talk about sp'2040.. but that looks damn difficult... and would take the market back above the monthly 10MA. So. no... I'm ruling that out. Instead... the sp'1970s would be my best guess. From there... target would be the low 1600s.

Meanwhile.. here in London city...

Short term sunset for the equity bears?

Bear market under construction

Another damn chilly day in the metropolis, but another day closer to summer :)

time to cook

11.01am .. EIA , oil surplus,, 4 million barrels!

Oil is seeing minor chop.... one of those days where still a lousy number, but vulnerable to upside as the energy/oil bears need to close out.

11.08am.. Oil bears are getting hit.... Oil +1.2%....   and that is inspiring the broader market.

For those resolutely holding short...its starting to look kinda ugly.