Wednesday, 9 March 2016

Closing Brief

US equity indexes closed moderately higher, sp +10pts @ 1989 (intra high 1992). The two leaders - Trans/R2K, settled higher by 0.7% and 0.5% respectively. Near term outlook offers a 'Draghi inspired' break above last Friday's high of sp'2009.. with a test of the 200dma (currently 2021) early next week.



*closing hour action: increasingly nano-scale chop.... tedious... and NOT bearish.

I've marginally re-drawn the bull flag, but whatever you want to call it, price action/structure does not favour the bears tomorrow.

There will be high threat of another 2-3 day climb... to the 200dma in the 2018/20 zone by late Friday/early Monday.

**CEO of Square/Twitter set to appear on clown finance TV at 4.30pm. Dorsey remains a rather strange character..  whilst TWTR itself just appears to becoming myspace v2.0.

more later.... on the VIX