Tuesday, 3 May 2016

10am update - opening weakness

US equities open broadly lower, with the sp'500 back in the 2060s - with VIX 16s. First soft target is around 2040.. which should equate to VIX 18/19s. Oil is not helping underlying market mood, -1.6% in the $44s.




After yesterday's rebound, this morning's open really helps increase the probability that we'll at least hit the 50dma around 2040 within the next few days.

Things only get interesting on a daily close in the 2020s, and that remains a very difficult level to hit in the current down cycle from 2111.

Again, if we do see a break <2033.. that will open up a 38% fib retrace to the 1990s.. before next sig' bounce.

notable weakness, TWTR, daily

Continuing to degrade... seemingly headed lower until a 'bargain bidder' appears from the shadows.

time to shop... back soon