Monday, 9 May 2016

3pm update - a day of chop

The closing hour is set for more chop.. on what has been a pretty subdued day, well, except for the miners and anything energy related. A sustained move above sp'2080 looks really difficult this week, whilst equity bears should be seeking a break under the Friday low of 2039 to open up the 2000/1990s.




More so than equities, the VIX is reflecting a market that remains extremely complacent.. with no concerns of anything in the near term.

The bigger weekly chart is offering the 25/30 zone end month.. but for now.. even a move to the key 20 threshold looks very difficult this week.

notable weakness... CHK, daily

Early pre-market gains of 5% have turned to an ugly -10%. Considering the Friday close was -20% or so... its been a nightmarish few days for those meddling in what remains a company that is liable to disappearing entirely.

back at the close.