Friday, 20 May 2016

Closing Brief

US equities closed broadly higher, sp +12pts @ 2052 (intra high 2058). The two leaders - Trans/R2K, settled higher by 1.1% and 1.1% respectively. Near term outlook offers another rollover, with the recent low of 2025 set to be tested. If that fails to hold... open air to 2000/1990s.. if not the H/S target of 1970/60s.



*closing hour action: a little cooling to 2048.. as news of a White House 'lawn incident' gave the algo-bots an excuse for a nano scale brief drop.

The hourly 10MA notably held.

.. and thus concludes another week.

Certainly, it was not the bearish end that some (yours truly included) were hoping for, but then... opex is often a frustrating day for equity bears.

In any case... equity bears did achieve a lower high this week.. and a lower low.

It has been somewhat bemusing to see some on clown finance TV talk about how the market is back above sp'2040... so.. 'everything is fine again'. I'd imagine it'll be the same next week if we break 2025... cool to 2000/1990s. and then eventually bounce to the 2030s.

With just six trading days left of May, my attention is already shifting to how the month will settle. A close back under the monthly 10MA (currently 2014)... would really offer a clue that June will see a move to the low 1900s.. if not the mid 1800s.

Regardless... thanks for the comments/emails this week

Have a good weekend

the usual bits and pieces across the evening to wrap up the week