Monday, 11 April 2016

12pm update - headed lower

Despite an opening break above resistance, the market appears headed lower. First soft target is the price cluster zone of sp'2025/20. More alluring though, the 2015/10 zone, where the 200dma is lurking, along with a few other notable aspects of support.




No doubt a few equity bears were short-stopped out with the brief break >sp'2060, and are now already particularly moody.. as the market now looks set for net daily declines.

notable strength: precious metals, Gold +$17.

GLD, daily

Again, its arguable that the precious metals were an early warning this morning that the equity gains would not hold. Something to keep in mind in the weeks.. and months ahead.

time for lunch