Tuesday, 17 May 2016

3pm update - the Monday nonsense negated

With the morning low broken, equity indexes have started to spiral lower. A break of the key sp'2039 low looks very viable before the close/early tomorrow. In either case.. from there.. next target is the 2000/1990 zone. A valid H/S scenario which would offer the 1970/60s... within 3-5 days.

sp'daily5b - H/S scenario



*sideline issue of the bigger weekly VIX MACD cycle.

It has sure taken its time, but we are due a bullish cross before end month. By definition, that offers a rather powerful candle.. at least to 20.. if not the 25/30 zone.

So... lets see if we can close at the lows... or a little short-covering into the close. Current price action/structure would lean to the former.

In either case... yesterday's nonsense is set to fully negated.

notable weakness... AMZN, daily

... having lost the $700 threshold. What a bargain, huh?

yours.. sarcasm @ 108% and rising.