Equity price action has been broadly messy for the better part of two months. Price structure in the bigger weekly cycles is looking much the same as last Nov/December. An eventual big break lower remains due... with a viable monthly close under sp'2K.
sp'weekly1c - time fibs
A fourth consecutive net weekly decline is now on the menu. In theory.. a weekly close around the giant psy' level of 2K would be a rather appropriate target for this Friday's opex close.
re: weekly1c. Time fibs are semi-kooky stuff, and its something I occasionally look at.
For those that have never used them.. you just start from a given date - in this case, the May'2015 high of sp'2134, and the various key fibs (see numbers at base of chart, 1, 2, 3, 5, 8, 13.. etc) offer potential key turns/moves.
The next time-fib turn lines up well with a VIX weekly MACD cycle that is set for a bullish cross by end May.
Market chatter from the Schiff
Wed' will see the latest EIA report, and the FOMC minutes (2pm).
Goodnight from London