Thursday, 29 January 2015

11am update - seemingly headed for the 1970s

US equities are testing the recent micro double low of sp'1988.. but price action remains dowdy, and there is high opportunity for the bears to make a play for the 200dma @ 1973. VIX is confirming the mild market concern, +4% in the 21s. Metals remain weak, Gold -$20.




... suffice to say... it ain't so pretty.

A fail of 1970s to hold.. will open up the 1920/00 zone next week.

Notable weakness, FCX -5% in the $16.50s.. takes out the low from May.. 2009.... incredible.

11.13am.. 3 spiky hourly candles... offering a sub'3 wave floor of sp'1989.

I suppose some could look for a sub 5' late today/early tomorrow.. for a brief test of the 200dma (1973).. before powerful rebound.

11.34am.... micro up cycle in equities...

more interesting though... Gold -$25 (-2.0%).... a multi-week peak looks to be in... holding to broader targets for the summer.