Wednesday 22 April 2015

2pm update - close to resistance

US equities continue to claw higher, set to break key resistance of sp'2111. Precious metals remain very weak, Gold -$14, with Silver -1.0%. Oil remains in minor chop mode, -0.3%. VIX is confirming the increasing market confidence, -4.5% in the 12.60s.


sp'60min



sp'daily5


Summary

It is difficult to say if the market will break above resistance of sp'2111 before the close... regardless, once it does happen, a wheel barrow of short-stops will get hit.. and market should see some acceleration to the upside.

New historic highs are increasingly likely in the immediate term.

Certainly, a weekly close in the 2120s looks very viable.

A month end closing in the 2130s appears viable.
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notable gains: TSLA +5.6%... building gains.. having broken out of the downward trend.