Thursday, 28 April 2016

12pm update - trying to break into the 2100s

With a bizarre lack of downside pressure, the equity bull maniacs are getting yet another opportunity to break into the sp'2100s, and its notable we are currently a mere 0.6% from breaking the recent key high of 2111. With the VIX -3% in the 13.30s.... we're arguably close to max bullishness.




So... just what the hell can be said about this morning?

Even the opening declines were a warning that the market is still very resilient. The fact the opening hourly/30min candles were a hollow red reversal (equity).. and black-fail (VIX).. were classic signals.

For now... its beyond tiresome.

Yes, price structure REMAINS a big bear flag.... but that of course is entirely negated on any move >2111.

Even a move to the 2060s will do nothing to offer any real hope to the bears. For 'hope'... bears need a daily close in the sp'2020s... and right now.. that may as well be 1000pts lower.

yours... in the trenches... covered in radioactive mud

time to cook