sp'60min
Summary
It remains a tricky situation to call, in terms of the smaller index cycles.
There is relentless underlying upside pressure, but with risk of a downside wave to the low sp'1730s. As ever, for those with trading stops, such uncertainty is not particularly relevant.
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Earnings due for AMZN and ZNGA, both will be pretty interesting to see..
AMZN, daily
AMZN is arguably the most over-valued and hysteria surrounded stock of the entire market. Certainly, many bearish traders have looked for it to collapse at each earnings cycle. The mainstream still love the company..despite the lack of any significant profit in some years.
My guess for AMZN? Based on previous cycles - and the current main market, I'd have to think it will jump higher.
As ever though, I simply don't trade any of the 'hysteria' stocks. Too crazy/unstable for me...but certainly...quite entertaining to watch.
3.30pm..the smaller 15/60min cycles look VERY prone to downside in the closing 30mins..and early tomorrow.
We're due to go negative MACD cycle within minutes. stay tuned!
3.41pm...price momentum now negative on the 15min cycle..should in theory see weakness into the close. Equity bears should consider any daily close <1750 a real bonus.