Tuesday, 12 January 2016

Closing Brief

US equities closed moderately higher, sp +15pts @ 1938 (intra range 1947/14). The two leaders - Trans/R2K, settled higher by 0.9% and 0.3% respectively. Near term outlook offers further upside to sp'1970... possibly 1990s.... before renewed (and in theory) more powerful downside to at least the 1860s.



*closing hour action: along with the 2pm candle, the 3pm candle was very definitive, confirming the baby bull flag.

A day of rather significant swings, and no doubt many were spooked by yet another failure for the market to hold opening gains.

Price action/structure though is different, as we're now consistently trading above the hourly 10MA.

The sp'1950s look highly probable tomorrow... with 1970s due before the long 3 day weekend.

yours truly remains in patience mode.. waiting like a sniper on the side of a mountain, for the 1970/90 zone to reshort.

more later... on the VIX