Tuesday, 17 May 2016

12pm update - remaining on the edge

US equities remain moderately weak. The first 3 hourly candles of today are all offering spike floors, which are suggestive of renewed upside this afternoon - with a move to 2085/90 this Wed/Thursday, before next break lower. VIX is effectively flat in the 14s... showing zero market concern.




Downside break levels... the morning low of 2055.

Upside break >2068 at the close.

Best guess: considering this mornings floor spikes.. it looks like the market will push upward this afternoon.

notable weakness... TSLA, daily

Broadly weak.. next support is the $200/195 zone. A move to the Jan' low in the $140s seems a given.. considering the markets utter disbelief that Mr Musk can ramp production to 500k a year by 2018.

time to see what the cheerleaders are saying on clown finance TV.......