Monday, 20 October 2014

3pm update - weakness into the close

US equities look set for minor weakness into the close, as supported by the smaller 15/60min cycles which are set to turn negative early Tuesday. Near term outlook offers threat of a continued straight up move to the sp'1920/50 zone.. before the next major down wave.



... a somewhat tedious day

It remains a messy situation for those who are now holding to a broader bearish outlook - as I am. Regardless... its not like we've not seen these type of bounces before.

At best, bears might get a close of 1892/90.. but that doesn't come close to breaking near term support of 1880.

Notable strength: DRYS +14%, but then.. its still in the $1s...

3.14pm.. sp'1903... the 200 dma looms at 1906... after that... the old broken 1926 floor.... and then 1950/60.

By then of course, almost everyone will be on the 'new historic highs' are coming train.

So much for weakness into the close.. merely day'3 UP for the bulls (not including the Wed' recovery day.. which still closed red).