Thursday, 10 July 2014

3pm update - upward pressure into the close

US equities are moderately lower, with the micro 5/15min cycles offering a further minor wave higher into the close. A net positive daily close won't be easy, but regardless, today was a major fail for the bears. Oil has turned higher, +0.7%




So... the closing hour.... lets see how many bears decide to close out...which will no doubt add to what buying there is.

All things considered, the opening black-fail VIX candle was a great example of how it can be a very useful indicator at the open each day.

There are clear reversal candles on many many individual stocks, and it does not bode well for the bears tomorrow..or any of next week.

3.09pm.. market levelling out around sp'1962.... headed higher into the close

3.18pm  ....another up wave IS still due....a daily close in the 1968/70 zone is target.

3.27pm... and up we go.

3.36pm.. clear baby bull flag on the micro 5/15 min cycle....

The only issue is whether we close the week in the 1970s... or 80s.

3.44pm.. up up up.....on track for 1968/70....

UAL +12.1%.... hmm