Friday, 9 May 2014

11am update - morning chop

US equities continue to see minor weak chop, with the battered R2K/Nasdaq both trying to put in daily reversals. Equity bulls need to hold the Nasdaq Comp' above the giant 4000 level, with the rising 200 day MA just below at 3989.

Nasdaq Comp'


Price structure to me just looks like a very large and complex pull back.

At some point we still look set to battle least to the 50 day Ma, and probably into the 4200s.

RIG is offering a spike floor at an old support level... where the 50 day MA was marginally broken.

*as it is, I'm more comfortable in SDRL, than RIG..considering yesterdays daily candle.