sp'daily5
Summary
Having broken yesterday's low.. the next level is clearly the 200dma, along with the 50% fib retrace around 1950. That is of course a full 2% below yesterday's close.
Considering the current mood in early market... it now looks like we'll get there.
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Notable early strength: GDX +4.4%... naturally.. a result of the strong metal gains. Will be interesting to see how they are trading after the FOMC meeting.
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Video update from Mr Permabull
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Regardless of today, the window for the bears IS still due to close. If we do reach 1950 by tomorrow... I will indeed be surprised, but we'll still be due to rally from there.
Have an 'entertaining' Tuesday.
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Update on Russia...
SEE here... @ bloomberg
Incredible.. the Russian market was trading at 578 earlier.. that was almost a fall of -20% fall. We've almost tested secondary support of 550s.
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8.27am... indexes recovering,, sp -4pts.... 1985... Hmm
Meanwhile.... Russia -13% @ 625.... 75pts (12%) until next target.
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9.32am.. well, there goes sp'1980... next level.. 1950...
VIX +8% in the 22s....
9.50am.. opening reversal underway!