Wednesday 1 May 2013

1pm update - the two leaders are leading..down

Whilst the headline indexes are only moderately lower, the two leading indexes - Transports and the Rus'2000 are significantly lower. They lead the way up...and they are probably leading the way down. VIX is holding the low 14s, but bears need 15s to start to get a touch pleased.


Trans, daily



IWM, daily


Summary

Those are pretty decisive turns on the Trans/R2K, and if we close at just current levels, it'll make for a good confirming daily turn in the cycle.

The trans chart is even offering a possible RS completion. Target would be 5500/5400..aka..sp'1480s...within 3-7 days.
---

Considering the rather severe weakness in the metals (inc. copper), and Oil, I think bears have a chance.

--
FOMC @ 2pm..that will be decisive for how we close.


1.07pm... micro-snap on the indexes...with VIX ..new high.

someone got a leak of the FOMC press release ?