Thursday, 7 November 2013

2pm update - headed for the 1730s

The main indexes are increasingly weak - despite the twitter hysteria that continues this afternoon. The sp' looks set to take out the recent 1753 low, and that will open the door to the sp' 1735/30 zone...which is viable tomorrow. Metals and Oil are both weak, with the VIX now +7%.




Certainly, things will be interesting if we can drop to the 1730s early tomorrow..before the buyers likely flood right back in. Keep in mind, tomorrow is HEAVY any initial gap lower will likely be full reversed by the close.

*the weekly charts are provisionally warning of trouble..but nothing major yet


A blue candle...but even 1730s will probably not turn it red. I can't take any declines seriously..unless <1700.

2.04pm..and there goes the recent 1753 ..lets see the bears whack the market into the close..and gap lower tomorrow.

I suppose a challenge of the 50 day MA is viable..but that will be 1710 early next week.

2.37pm ..this is getting a little fast and dirty... sp'1749...and headed for the 1730s early tomorrow. I'd have to guess the market will now sell lower, regardless of the monthly jobs number.

2.46pm.. Trans/R2K continue to lead the way lower... R2K should hold around 1065/60 tomorrow, that'd equate to sp'1730s.