Thursday, 24 July 2014

2pm update - spooked by a 0.2% down wave?

US equities have seen a micro down wave.. but still price action is not remotely bearish. It remains very bizarre how many get spooked, or overly excited about every micro down wave. Sp'500 still has a high probability of a daily close in the low 1990s.



*R2K slips to 1153...there is gap support around 1150...that would be 'best bear case' by 2.30pm.

Indeed... I am now looking for a key afternoon floor within the next 15/45mins.

Most indexes will likely still see net daily gains.

Notable weakness: QCOM, -6.5%,  DO, -4.5%.. but the latter is recovering from the morning low.