Wednesday, 3 June 2015

11am update - resistance FAILS to hold

US equities break above declining resistance of sp'2115... climbing to a morning high of 2121. With the upside break, hopes of 2090/80 zone are now rapidly fading to nothing. If the market likes the Fed beige book (2pm), along with comments from fed officials Evans and Bullard... probable upside into early Thursday.


UUP, daily2


*despite early strength, the USD is lower for the second day.. and the DXY 94s are now well within range.

A clear fail for the equity bears... and there is little reason for any of the short term bears to still be holding.

Price action is pretty lacklustre though, but an upside break IS an upside break. VIX is confirming the utter lack of market concern about Greece, -5% in the mid 13s.

time to cook...