Monday, 16 March 2015

2pm update - the daily close will be key

US equities are holding significant gains, with two hours left of the trading day. How the market closes will be pretty important... a daily close >sp'2075 would bode in favour of the bulls... otherwise... market is poised for another failure. Despite the equity gains, VIX is comfortably holding the mid teens.


sp'60min



vix'60min


Summary

*typical turn time is of course 2.30pm... if the bears are going to show up today... that would be the time.
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So... two hours left.... a daily close back under the 10dma (currently 2073) is kinda important.
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Notable weakness: AA -2.5%.... Alcoa looks a broken stock... bigger picture downside to 10/9 looks a given into the summer
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2.26pm... well.... sp'2077.... 4pts.. (0.2%) above the daily 10MA.... bears need to show up in the remainder of today.. or it bodes for a straight up more to new historic highs.

*watching Liesman on clown finance TV talking about patience... but more on that in the closing hour.