Wednesday, 6 April 2016

3pm update - leaning weak into the close

US equities have started to cool from the bounce high of sp'2061. Equity bears should be content with any daily close in the sp'2040s - along with VIX 15s. Broadly, the 2020/15 zone - with VIX 18s, looks on track within the next few days.




*eyes on the hourly 10MA in the low sp'2050s. A daily close under there would be useful... and offer pretty high clarity that 2061 was indeed a bounce high.

So... the latest nonsense from the Fed is out of the way (don't ask me what they said... I ain't looked, and am not in the mood for fedspeak today).

Sp'2061 is arguably good enough for the bounce from 2042 as complete.

In should be a straight run to the 2020/15 zone from here.. whether tomorrow or Friday.

*what should remain clear.. sustained and very significant downside to the mid/low sp'1900s looks off the menu for some weeks.

back at the close.