Tuesday, 10 May 2016

2pm update - stuck at core resistance

US equities are holding significant gains, but are notably stuck at what is a pretty important resistance area of sp'2080. VIX remains extremely subdued, -5.5% in the 13.70s. Metals are leaning to the upside, Gold +$3, with Silver +0.8%. Oil +2.3% in the $44s.



Well... its clearly borderline.

Equity bulls have built a ramp from 2039 to 2079.. 40pts (2%)... either its just another bounce.. or 2039 was a key low.. and we're headed higher for rest of the week.

As things are, equity bears can't get remotely calm again until a break back <2050.. if not breaking an actual new low <2039.

notable movers... retail...

CROX, daily - post earnings ramp

GPS, daily - post earnings upset

stay tuned!