Thursday, 18 July 2013

2pm update - holding together

The market looks set to close at least >1685, bears are still powerless, with the VIX -1% in the mid 13s. Underlying pressure remains to the upside, and the sp'1700s look very viable tomorrow..or at least early next week. WTIC Oil is in the 108s..set for $110.


sp'15min


Summary

The smaller 5/15min cycles look somewhat floored, and we could just be setting up a baby bull flag.

Whether we melt higher into the close..does it matter?

There seems no doubt sp'1700s will be hit..only issue is..what level does this wave conclude.

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With the snap yesterday,, UAL is seeing some significant follow through.


A daily close >$35 would be very bullish for another week or two.