Seen on the smaller 60/15min cycles, price structure is increasingly messy, as the market is battling to hold the sp'1900 threshold, and unable to build sustainable gains. Clearly, the rest of today will likely remain a holding pattern, ahead of the next 'best guess' from the BLS.
Suffice to add... hourly cycle is now on the moderately high side. Best case for the bears tomorrow are the sp'1890/85 zone.
.. the 1872 low looks very secure though. We still look headed broadly upward... as Yellen will appear next Wed/Thursday.
Much like FCX, RIG, SDRL.. etc... Alcoa is having a rather strong day, but broadly.. such sporadic gains are not going to sustain themselves.
It is notable that Alcoa has a market cap' of around $10bn, with debt of around $9bn. That is not great, if you consider the US/world economy is slowing.
back at 3pm