Wednesday, 4 May 2016

2pm update - bearish summer sunshine

US equities remain broadly weak, and look set for a second consecutive net daily decline in the sp'2040s. A key break of the two soft lows of 2039/33 looks increasingly probable before the weekend, along with VIX 18/19s. Oil is not helping market mood, -0.6% in the $43s.



*note the spike on this weeks candle.. lower high... lower low, with a break under the 10MA. Arguably, the 20wma around 2K is a valid target for the more aggressive bears.

Suffice to add... if 2111 is a key mid term high... the next wave will go well below the 1810 low this summer.

notable weakness... TSLA, daily

TSLA - like the main market, has been having increasing problems across the last few weeks.. and its really looking ugly into earnings... due at today's close.

Natural support $200/195, then the 150/140 zone.. with the Feb' low of $141s.

Great product... but they just aren't making a profit.

Here in London city... its rather glorious...

The first proper early summers day in the metropolis... only the 60s.. but hey.. thats okay. Naturally, yours truly is already counting down the weeks until this summer cycle ends... t-18 weeks (or so)

back at 3pm