Wednesday, 11 May 2016

3pm update - weakness into the close

US equities continue to weaken, as price momentum is now moderately favouring the bears. Even a daily close in the sp'2065/60 zone - with VIX 15s, will only negate around half of the gains from the Friday low of 2039. Meanwhile, Oil is holding powerful gains, +3.2% in the $46s.


USO, daily2


re: oil, double top in the WTIC $46s?    If so.. first soft target is the $40 threshold.. and that is 15% lower.

As for equities.. short term price action should see new lows into the close.. with viable downside across at least some of tomorrow, at least to 2055/50... with VIX 15s.

notable weakness: NFLX, daily

... unable to hold the $90s. The uber-doomer downside target is $50/45... but that would require at least the sp'1600s.

back at the close....