Friday, 20 May 2016

10am update - opening gains

US equities open moderately higher, with the sp'500 +0.7% in the 2050s. A sustained rally >2060 looks extremely unlikely.. and instead... equity bears should manage to contain things, with renewed downside to 2000/1990s next week. The more bearish H/S scenario offers 1970/60s.




*equity bears need a Friday close <2046.61, for a fourth consecutive (if fractional) net weekly decline. Despite the opening gains.. that remains viable.

So... we're back in the 2050s, which makes for a 29pt swing from yesterday's low of 2025.

Price action remains very choppy.. and indeed.. very similar to what we saw last Nov'/December.

Lest the bulls forget.. we've already broken the 2040/39 floor.. the current bounce sure doesn't negate that.

notable strength... AAPL, daily

There will be strong resistance in the 96/97s...a move >$100 looks out of range, unless main market >sp'2080.