Thursday, 19 May 2016

1pm update - broadly weak

Despite some price chop, equities remain broadly weak, with a daily close <sp'2025 very viable. VIX is showing some marginally interesting upside power, +8% in the 17s. The 19/21 zone looks a given.. with sp'2000/1990s. Oil remains choppy, -0.3% in the $47s.




It is notable that the fourth blue weekly candle has turned to an outright bearish red.

At the current rate, we'll see a MACD bearish cross late next week... or certainly by end month.

So... underlying downward pressure.. as the old floor is decisively taken out. The 200dma awaits.

The bearish fleet!

stay tuned