Monday, 16 May 2016

11am update - approaching first resistance

US equities remain moderately higher, with the sp' close to first resistance of 2060. Equity bears need a daily close <2053 to maintain the downward trend from last Tuesday's high. Front month VIX is trading u/c in the low 15s. Metals are back to broadly u/c, after someone hit the big sell button in paper land.




Well, its 11am, a typical turn time... so if we're going to close net lower today... we need to max out around current levels.

It ain't so pretty right now in bear land... but then.. neither do the bull maniacs look as though they have any hope of the 2100s.

notable weakness... AMZN, daily

Whilst the main market is moderately higher, one of the few surviving momo stocks - AMZN, is sig' lower for a second day. Things start to get amusing on a move back under the $700 threshold.. which looks imminent.

time to cook

11.08am.. Well, resistance broken... next level 2070.