Tuesday, 16 September 2014

1pm update - a clear break

The equity market continues to build gains, and is (disturbingly) already close to breaking back above the giant sp'2000 threshold. With the daily cycles turning back upward... equity bears look to be.... toast.



Seen on the small 15min cycle, you can see a rather powerful reversal candle...with a very clear spike-floor.

When you consider the opening black-fail candle on the VIX, this is just another classic example of why I do try to be VERY mindful of such candles. They can be very important signs.

so.....rest of today?

A daily close in the sp'2000s is clearly viable.

Daily cycle offers 2010 in the immediate time frame... weekly cycles offer 2030s in the near term.

As much as I don't like to note it, the low sp'1970s now look... unlikely.. it would seem we have a key floor of 1978... with VIX @ 14.53.

Yes.. we have the FOMC tomorrow..and that might see a 'brief' drop... but I sure don't expect the 1960s.

time for a walk... I need some sun.