Thursday, 30 April 2015

3pm update - ending the month on a downer

US equities continue to unravel (if slowly).. unable to hold the earlier low at the 50dma, with the sp'500 currently -20pts @ 2086. Next support is 2075/70.. with the 2072 low of April 17'th. Metals remain weak, Gold -$19. With the USD unable to rally, Oil has built sig' gains of 1.4% into the $59s.


R2K, daily


*the second market leader - R2K, looks especially nasty... and is followed by the Trans... both net lower for the month.

So.. we have the R2K/Trans.. leading the way lower, and now the sp'500/Dow are both holding under their 50dma's.

... not exactly the most bullish of monthly closes, but still... new highs were hit for a number of indexes, and earnings broadly came in 'reasonable'.

notable weakness: AAPL -2.5%, although still net higher for April by around 0.8%

3.04pm.. The rats are getting real twitchy... with empty air to 2075/70.

Things really only get interesting if <2070... along with VIX 20s... but right now.. the latter looks especially difficult to hit.

*core support for May will be 2025... and certainly the giant 2K threshold.