Friday, 9 May 2014

2pm update - afternoon chop

US equities are battling to hold slight gains, but we do have a daily reversal for the R2K/Nasdaq..which is an especially bullish aspect for next week. Equity bulls should be seeking a cose in the sp'1870s, which will just about keep the weekly cycle to outright bullish.



A closing green pretty important in my view, and for that, we need 1871 or higher.

Notable weakness: SDRL, -3.2% @ $34.80s  (I'm long from $35.10s this morning). A touch annoying, but I'd rather hold SDRL than RIG.

SDRL, 60min

It should at least level out by $34.60 or so...or it could be a problem.

CHK +1.7%..and I might drop that in the closing hour..esp' if >$30.

Overall though, equity bears just look powerless, and market looks poised to push higher next week.

2.35pm.. minor chop..and market is so far able to hold the sp'1870s. battling to put in a floor in the $34.50s - just above the 50 day MA..along with rising support.