Wednesday, 11 May 2016

1pm update - awaiting a bearish cross

US equities remain moderately weak, despite Oil which is holding strong gains of around 3% in the $45s. Increasing equity weakness looks due this afternoon, with a probable daily close in the sp'2065/60 zone. Broadly though, equity bears should be seeking an eventual break <2039.




*it is notable for now, the VIX remains extremely subdued. A daily close >14.60 would make for something interesting.

Hourly equity MACD (blue bar historgram) cycle is set to turn negative by 2pm. In theory.. market should break a new low this afternoon, with increasing weakness into the close... and continuing at the Thursday open.

time for some sun... after the rain.