Thursday, 19 May 2016

11am update - the break of 2033 is significant

Across the past few weeks, an increasing number have recognised the April 7th low of sp'2033 as particularly important. This morning's break into the 2020s is significant, and has given initial clarity and confidence that 2111 is a key mid term high. Equity bulls should be at least somewhat.... concerned.




*trying not to get lost in the minor noise.. hence a few daily charts.

So.. 2039 failed yesterday... 2033 today...    next stop is the 200dma.. which is currently @ 2011.

The H/S scenario offers a straight run to the 1970/60s... within days.

notable weakness.... airlines, BA, daily

A very ugly candle.. and as I highlighted yesterday.. its a very fair representation of the main market that has been broadly stuck for around two months. We now have a clear break lower, next support @ 122/120.

time for an early lunch