Wednesday, 4 May 2016

1pm update - seeking the 2020s

US equities remain broadly weak, and look set for a second consecutive day of declines. The sp'2040 threshold - where the 50dma is lurking looks an easy target. However, considering the VIX still hasn't shown any upside power yet.. the 2020s now look a valid target by the weekend.




A lot of chop... but we're still leaning weak.

Clearly.. we're yet to see any powerful downside.. in theory... another 2-3 days lower looks probable.

Maybe I'm just getting overly bold, but the 2020s look probable in the current multi-day down wave. If that is seen.. then it'll likely keep on cooling to the 2000/1990s... which would make for a very natural short term floor.

notable weakness, miners, GDX, daily

A third consecutive day lower.. but still holding the broader upward trend.

time for some sun.... back 2pm