Friday, 5 September 2014

10am update - stripped bare

US equities open a little lower, but there just isn't any significant power on the downside. Price structure on the bigger daily/weekly charts remains strongly bullish. Despite the USD a touch lower, Oil/Gas remain weak, -0.15%.



*I've removed all the annotations on the hourly chart. I think many are getting overly wrapped up in the minor noise again.

How can people seriously get bearish when we're breaking new highs almost every single day? Its simply..... crazy.

Bigger picture outlook remains unchanged... sp'2030/50 zone by FOMC/opex week.



Notable weakness: oil/gas drillers, RIG, -0.8%, SDRL -2.1%. The latter now looks pretty dire on the daily/weekly charts.

back at 11am