Friday 1 April 2016

12pm update - renewed weakness?

US equity indexes are moderately higher, with the sp +2pts @ 2062. It is notable that the Nasdaq is making a third attempt to clear key resistance at the 4900 threshold. Metals remain broadly weak, Gold -$17, with Silver -3.7%. Oil is still unable to recover, -3.0% in the $37s.


sp'daily5 - A1



sp'monthly3c - A1


Summary

*... and those will be your last inverse charts for today... normal service resumes at 1pm
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I do think monthly3c is usefully provocative, as even the bull maniacs should question at least a 'natural back test' to around sp'1600 this year.. before renewed upside.
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As for ongoing equity price action today, its clearly still messy, and if we don't see renewed weakness into the close, it will make for a disappointing end to the week.

I suppose it could be worse.. we could have gapped straight into the sp'2080s on 'goldilocks jobs data'.. and be pushing toward 2090/2100s.


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Here in London city...



Hazy skies...  as summer warmth might be just 3-4 weeks away!

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time for lunch