Monday, 16 May 2016

12pm update - above resistance

US equities break above short term resistance, with a daily close in the 2065/70 zone now viable. Oil is certainly helping the broader market mood, currently +3.0% in the $47s. Metals are leaning higher... Gold +$1, with Silver +0.4%... with the related mining stocks naturally following, the ETF of GDX +1.9%.



Little to add.

In wave counting land.. I'd accept that a break above last week's high of 2084 is briefly viable.... as part of some larger ABC /wave'2.

Best case for the bull maniacs is a move to 2085/90 for the opex close. In any case, a break into the 2100s looks out of range.

notable strength... AAPL, daily

... as some of the bull maniacs are once again hoping for much higher levels into the $130s later this year. There is huge resistance from the $97s to the 103s.

For those who believe the market will break significantly lower this summer, AAPL is an obvious short target.. not least as it has built a series of lower highs.. and lower lows.

time for lunch