sp'daily5
Summary
So.. after yesterday afternoons unravelling, what about today? Certainly, hourly cycles are still offering a turn in the immediate time frame... but it'd be surprising if we don't continue lower.
The giant 2k threshold looks set to be lost this morning... which will open up a test of the 200dma in the low sp'1970s.
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Notable weakness, QCOM, -7.5%, post earnings. I still favour the company though, one of the top 10 techs in my view.
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Update from an overly loud Oscar
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Special note...
My MARCON indicator will turn to 6 if sp' loses 2000 today. A monthly close under sp'2k would be the first negative monthly close since Jan'2012 I believe. That would be significant. So... how we trade the rest of the week will be rather important
Have a good Thursday
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9.04am Notable weakness, BABA -8% @ $90 on earnings... more on that one later...
9.43am.. Well, 2k is broken under... if briefly.
right now, the one hope for the bull maniacs is a good GDP number >3%. Anything in the 2s tomorrow would be pretty disappointing.
Metals looking stinky... Gold -$14, although still huge monthly gain to start the year ($85 or so)