Wednesday 27 August 2014

10am update - opening minor chop

US equities open with some minor mixed chop. The daily 10MA offers first key support, currently @ 1982 (will be 1995 by late Friday). Equity bulls still look set to claw higher into the 3 day weekend.


sp'daily5


Summary

Without getting lost in the minor noise, the broader trend remains powerfully to the upside. There is little reason why we'll even see a minor down wave this side of the holiday.
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*notable weakness: SDRL, -2.3%, post earnings.

Daily candle is offering a reversal.. but really.. it sure ain't pretty...


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Long...slow day ahead....

For those interested, Armstrong's latest post is interesting.see HERE