1pm update - underlying upward pressure

The market is clearly struggling a little after a 113pt ramp from sp'1646 to 1759. Yet, the underlying pressure is still very much to the upside, with the Transports now in the 7000s. Metals are holding gains, with Gold +$16, Oil has recovered back to flat, after earlier declines of 0.9%


sp'60min

Summary

A tricky day in terms of projecting the smaller index cycles.

There remains risk of a very minor down wave to the sp'1635/30 zone, but for anyone going short, the risk is overly high...and the Transports is a fine reminder of that.
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Notable weakness in DRYS, which having failed to hold $3, is now in danger of a full retrace to the original breakout level, around $2.25 - where the 200 day MA is lurking.

DRYS, daily

For those who believe in 'general' equity upside into spring 2014, DRYS is a tempting target in the low $2s.