Monday, 2 February 2015

2pm update - a struggling market

Another swing lower... from sp'2010 to the low 1990s. What is clear, the technical damage has been done, and with the bigger weekly/monthly cycles bearish, there remains underlying downward pressure. Metals remain weak, but off the lows.. catching a 'fear bid', Gold -$4




So...  each micro rally is being sold into.. and with the FAIL of the 1988 double floor.. the door is wide open to the 1920/00 zone.

I do NOT expect the 200dma @ 1975 to hold... price action sure doesn't support that.

Notable weakness: FB -2.5%... struggling after last weeks earnings.