sp'60min
Summary
We have a pretty packed week ahead. Suffice to say....for full details, see the weekend post!
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Mr Permabull is starting the week...bearish...
Considering the weekly charts, I'm really bemused how Oscar is seemingly spooked. All the indexes are holding well within their broader up trends. For instance, Transports would have to fall 3% just to test rising support.
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As for me today, well, I have my sights on picking up RIG and SDRL, but those might both open significantly higher, and I'm not particularly in the mood to chase them higher.
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Good wishes for the week ahead!
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8.52am.. sp +7pts... 1870.
Notable strength: FCX +1.1%, which is pretty impressive - considering the weak metal prices.
8.56am.. Notable weakness: AMZN -0.8% @ $301. A break <300 would be a warning for the broader market.
Regardless, hourly index charts offering upside into FOMC Wednesday. The fact we have QE today and tomorrow can only help.
9.35am..ohoh, black candles appearing all over the place...just like Friday morning. Bulls..beware.
If we do fail to hold the gains, downside target zone is 1845/50.
9.41am... black-fail candles... it is a problem, and the indexes are starting to slip.
AMZN snaps ....fails to hold $300
9.43am VIX due to snap higher in 10/15mins......kinda interesting open.
I continue to have my eyes on RIG and SDRL...once the smaller 5/15min cycles are floored.