Friday, 13 May 2016

1pm update - melting to the upside

With no downside power, the equity bears are still unable to break the sp'2053 low. The market is battling to melt upward into the weekend. A move back to the 2080s is clearly viable, before the next concerted attempt to break multiple aspects of support in the 2040/2000 zone.




It remains an increasingly tedious borderline situation.

Clearly, any break <2053, and we see increasing weakness into the weekly close.

However, current price action is broadly choppy, and that favour the bulls.. with another push higher next Mon-Wed'.

RE: waves... I could stick all manner of labels on the action since sp'2111.. but most of you could see a clear '1 down to 2039.. and we're in a viable wave'2 UP,  ABC/123 wave higher to the 2080/2100s, before a stronger push into end May.

Right now, I'm inclined to renewed upside, but I've low confidence in that... as we're only 0.3% from breaking soft support.

notable weakness... oil, USO, daily

Yesterday's black-fail daily candle in the WTIC $46s is somewhat bearish.. and we're certainly cooling a little today.

Who wants to be long Oil, or buy energy stocks at these levels?

time for some sun.. or rather.. mostly cloud.

1.30pm... sp'2054.... fractionally interesting...  VIX sure reflect ANY concern though, +1% in the 14s.