Thursday, 12 October 2017

12pm update - fractionally mixed

US equity indexes are fractionally mixed, with a short term double top in the sp'500 of 2555.23/24. VIX is still reflective of a market that won't even sustainably see moderate weakness. WTIC is -0.9% in the $50s, after a net inventory draw of -2.7 million barrels, a stark contrast to yesterday's API.




Suffice to add... micro price chop, as the market is able to just churn, rather than any sustained moderate weakness. The break in rising trend remains key.

notable weaknes, C, daily

Earnings were unquestionably fine, and bode well for the mid term. S/t though, we have a bearish engulfing candle, and it bodes very bearish into next week. First soft support, the 50dma, soon around the $70 threshold.

notable weakness, INTC, daily

S/t weak, but Intel's recent breakout into the $37s was massively important, and gives grander clarity that $50 is a valid target for the latter half of 2018. Due a bearish MACD cross tomorrow.

strength, X, daily

US Steel continues to swing around, currently sig' higher, but if the main market does eventually break sig' lower, then X will be dragged lower to the $23s.

time to check on the cheerleaders....