Thursday, 27 February 2014

3pm update - battle continues at 1850

US indexes continue to see underlying upside pressure, but once again, there is clear resistance against a daily close in the sp'1850s. However, with the R2K and Nasdaq already well above the equivalent level, equity bulls are still broadly in control.



So.. to close above..or below sp'1850 ...THAT is the question.

Tough to call..not least now that we have conflicting cycles.  5/15min are somewhat bearish into the close, whilst everything else is generally still pushing upward.

Considering the complete lack of downside power, I guess you could say 'bulls still have the ball..but its 3rd and 6'.

*back to the 50th attempt to use an old scanner to work in win'7.

I'm not feeling so bullish MSFT right now... urghhhhhhhhhhh

3.23pm..  sp'1853.... its starting to look like today will be a rather important close, although as I'll keep stating..other indexes are ALREADY well above these levels.

3.35pm... holding the low 1850s. It remains a bit iffy, but we sure aren't seeing any downside power from the bears.

Here is a thought for the bears.... February looks set to close with most indexes gaining 4-5%.