Wednesday, 4 February 2015

3pm update - chop into the close

US equities look set for subdued chop, with a daily close in the sp'2045/55 zone. VIX is reflecting a somewhat calmer market.. holding the mid 17s. Gold remains holding gains of $5. Oil remains sharply lower, -6.8% in the $48s.


sp'60min


Summary

Somewhat interesting day, mostly via activity in stocks such as DIS and FCX/TCK (the latter are weak.. as USD climbs.. pressuring commodities).

Market remains pretty much stuck between 2064.. and the recent spike floor of 1980. Until it is either side of that.. it remains... tricky.

Without question... near term... hourly cycle threatening bearish cross tomorrow.. so 2030/20s viable... not least if Oil comes close to breaking a new low. More on Oil later though...
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3.51pm.. oh noes.. the ECB is speaking... HUGE bearish engulfing candle on the hourly cycle... bearish for Thursday....

... now its gets interesting