Tuesday, 17 May 2016

10am update - an interesting open

US equities open with some micro chop.. but are seeing some distinct downside action. The hourly equity cycle is offering increasing weakness across the day, but things only get bearish on a break of the sp'2043 low. VIX remains broadly subdued, +2% in the low 15s.




Frankly, its a bit of a mess out there.

There is clearly still threat of renewed upside to 2085/90.

Yet.. we've an hourly equity MACD cycle that is set for a bearish cross within 1-2 hours. If that occurs.. we'll close in the 2045/35 zone.

Keep in mind last week's closing weekly candle was red.. with a clear spike.. suggestive that this week will see lower levels (<2039). 

notable strength, FCX, daily

Pushing against the main market.. higher for a second day... but the April high of $14.06 should comfortably hold. There is little reason why FCX won't see renewed weakness into the summer. I'd refer anyone to the monthly chart for Copper.

stay tuned!