Wednesday, 18 March 2015

Closing Brief

US equities saw a post FOMC hyper-ramp from sp'2061, settling +25pts @ 2099 (intra high 2106). The two leaders - Trans/R2K, settled higher by 0.3% and 0.8% respectively. Regardless of any minor retrace of today's gains, it would appear the market is headed for new historic highs.. into the 2120/30s.


sp'15min - fib retrace


*I've added a 15min fib' chart.... it looks like high chance of a retrace to around 2090... perhaps 2080... tomorrow.. before renewed upside into the weekly close.

So....  what to say about today?

First.. as noted into the early afternoon, from a pure cyclical perspective, the 5/15min cycles were always in favour of the equity bulls.

The secondary resistance zone of 2085/90 was decisively broken through.. and thus any hope of a reversal/broader downside is now OFF the menu.

Yes, a minor retrace of today's hyper gains looks underway, but at best... maybe flooring no lower than around 2082/78.

more later... on the VIX