US equities break a new cycle low of sp'1913, but the equity bears still look exhausted, and a sig' bounce looks due. Oil sure isn't helping market mood, having broken a new low of $31.55, next soft support is the $30 threshold, and then $25.. the latter of which looks a given.
*with a new low.. fib retrace/bounce adjusted
Those equity bears bravely holding across the weekend have had a prime opportunity to exit this morning, as the hourly/daily cycles are threatening a bounce that could easily stretch into early next week.
First upside target is the 1975/80 zone. At best equity bulls might test the giant 2K threshold, but they will not break/hold above it.
The next trade should (in theory) be kinda straight forward.
Here in London city...
Grey, chilly, kinda horrible, with threat of snow later this week. Is snow bullish or bearish for the UK economy?
VIX update from Mr T.
time for tea