Tuesday, 3 May 2016

3pm update - Tuesday negates Monday

Despite a notable rally from the earlier low of sp'2054, US equities are still set to close broadly lower, with most indexes set to negate most/all of yesterday's nonsense. VIX is still lacking any sustained upside power. Near term target remains sp'2040 with VIX 18s.




So... yesterday.. the setup was leaning bearish.

Today.. - from the 5/15/60min cyclical perspective.. its less bearish.. although the daily/weekly cycles are more bearish.

.. if that makes sense?

What does seem clear... until we take out the two soft lows of 2039/33... with a daily close in the sp'2020s... equity bears can't yet get any initial confidence that 2111 is a key mid term high.

I'm guessing 2111 is a key high, but I sure as hell ain't remotely confident yet... and the current price action remains frequently annoying.

notable strength: AAPL, daily

 yes.. AAPL is net higher... but then it has been due a bounce.. if only for a day or two. AAPL will have serious problems if the sp' loses the 2030s later this week.