Tuesday, 3 May 2016

12pm update - broadly weak

US equities remain broadly weak, having broken a new intra low of sp'2054 - with VIX 16.42. Oil remains under sig' pressure, -2.6% in the $44s, the 42/41s look due later this week. USD has seen a sig' swing from the DXY 91.90s to the 92.80s.


USO, daily2


re: Oil/USO.. next support will be around $10.00 this Friday... and that is another 5% lower.. equiv' to WTIC around $42/41s

So.. we've already come pretty close to breaking the Friday low of sp'2052.

The mainstream cheerleaders are clearly a little twitchy.. as they are starting to wonder just how low we might trade by the end of the week.

A break <2052 looks highly probable.. and that will lead to another push to 2040.. where the 50dma is lurking.

notable weakness.. miners.. FCX, daily

A second day lower.. but still holding within the upward trend. The Jan' low of $3.52 looks a bizarrely long ways lower

time for lunch :)