Thursday, 28 May 2015

2pm update - bear flag or higher low?

US equities remain moderately weak, sp -6pts @ 2117. Price structure is offering a bear flag, but it could certainly also be deemed a higher low from 2099. USD is in cooling mode, -0.3% @ 97.00s. Metals are a touch higher, Gold +$2, whilst Oil is -0.7%.. but well above the earlier low.




It is getting somewhat tiresome in market land. 

Price action is increasingly choppy... if a touch on the weak side.

Worse case for the bears... some nonsense excuse tomorrow morning.. and we'll close the month close/at new highs (at least for sp'500).

Best case... overnight Asia weakness.. and lousy Friday morning (GDP/PMI) econ-data...with a break back under sp'2100.. opening the door to a move to 2080/75.

My guess? Daily cycles are bearish.... and the Transports certainly supports that view.

stay tuned.

2.22pm.. Oh great... stockcharts has just gone nuts.. all the charts...

Urghh. Someone had better reboot the server.