Tuesday, 22 March 2016

3pm update - spring sunset

US equities are set to close marginally higher, having already broken a new cycle high of sp'2056, which is a monstrous 246pts (13.6%) above the Feb'11th low of 1810. Current price action continues to offer further upside, not least if Oil can see another surge (if unsustainable) to the $43/44s.


Nasdaq comp', daily


*Nasdaq looks on track to at least test the 4900 threshold. I realise will then tout 5K.. and new historic highs, but considering 'everything'.. the latter looks extremely difficult.

Oil continues to be a primary driver for the equity market, and it should be clear that last week's break above the $40 threshold, offers further upside to the 43/44s.. which IS viable tomorrow.

Of course, the underlying issue of over-supply remains entirely unresolved, and I remain of the view that $26.05 was not a key multi-year low.

As for equities, daily upper bollinger is now in the 2070s, so.. the window is open to further upside.

Here in London city...

To the east.. an almost full moon, with a Lunar eclipse tomorrow.

Summer is coming, and it won't be dull.

back at the close