Monday, 11 August 2014

3pm update - minor chop into the close

US equities are set to close higher for the second consecutive day, and the Thurs/Friday overnight lows (equiv' to sp'1892) are now looking a fair way down. VIX is set to close significantly lower, back in the 13s.


sp'60min



Summary

Price structure is a pretty clear bull flag...

*I am LONG from sp'1937... seeking an exit in the 1950/55 zone.. tomorrow or Wednesday.
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The bigger issue is will the market get stuck in the 1950/60s zone... and if so.. for how long...
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3.09pm.. a close in the 1940s would provisionally confirm the bull flag.. and offer the 1950s by late tomorrow morning.

Notable strength: TSLA +5%
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3.34pm... minor chop continues...the bull flag holds....

Considering we're only into the 1930s... I can't see much of a retrace from here...the 1950/55 zone looks a reasonable target.

*I will hold long overnight.

back at the close :)