Friday, 22 April 2016

Cooling into end month

With a break of short term trend/support, it would seem the market finally has an opportunity to see the first significant retrace of the sp'1810-2111 wave. The sp'2050/40s seem a realistic target for the April close, which sure would help make the monthly candle much more tolerable for those holding to a broadly bearish outlook.




So... was sp'2111 a key mid term.. or just a short term high?

I'm well aware some were seeking sp'2116 or so, but surely 2111 is high enough to count?

Best guess: a retrace to 2050/40s.. then a bounce.. but putting in a lower high (<2111) in early May. From there... considerable chop, with opportunity of significant/sustained downside in latter half of May.

A May close <1950 would bode critically bearish for June.

Anyway... first things first... lets see how April settles in six trading days time.

USD floored?  weekly

From a MACD (blue bar histogram) perspective, we're ticking upward. A weekly/monthly close above the giant DXY 100 threshold looks a given at some point.. after that... the 120s.

Gold chatter - Mr Long and Mr Rickards

I'm long term bullish the precious metals... and the related mining stocks.

More Gold/market chatter from new daddy... the Schiff


Looking ahead

Friday will see PMI manu'.

Goodnight from London