Monday 11 May 2015

10am update - opening chop

US equities start the week with some minor chop, sp'500 +1pt @ 2117.  Metals are a little higher, Gold +$2, but looks vulnerable as ever. With the USD +0.1% in the DXY 94.90s, Oil is battling to stay positive, +0.2%.


sp'60min


Summary

*it is very notable that the hourly cycle is offering new historic highs in the immediate term, we could be trading the sp'2130s before most realise it.
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First soft support is sp'2112... a move back under 2100 looks unlikely this week, unless some 'spooky' Greek news.
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notable weakness: AAPL, -0.8%


Still... broadly bullish though. Or maybe you'd like to buy a negative rate EU bond?