Tuesday, 17 May 2016

1pm update - leaning weak

Despite morning price action that was more suggestive of renewed upside, with the morning low of 2055.90 imminently vulnerable... a bearish MACD cross (hourly cycle) is due. VIX is still so far not warning of any notable problems, +2% at 15.00.




So... at things are.. a bearish MACD cross is due in the 1pm hour.. and by default.. that bodes for a new intra low.. and negates the earlier floor spikes.

A daily close in the 2045/40 zone is now on the menu... and that would bode for a break to the 2030/20s tomorrow.

In the grand scheme of things though... these are of course.. all relatively minor moves.

notable weakness... INTC, daily

A break <29.50 will open up a H/S target of $20.00 this summer/autumn.. and yes.. I realise how that sounds right now.

... interesting.. as I type... none other than...

Hmm.. but CLSA did not issue a downside target... merely 'underperform'.

.... and we have a new intra low of sp'2054.... opening the door to 2045/40 for today's close.