Thursday, 25 June 2015

2pm update - price structure is bearish

US equities are broadly flat, unable to climb above the opening high of sp'2115 (with VIX intra low of 12.92). A net daily decline for most indexes remains very viable, but regardless of the exact close, price structure is a very clear bear flag.. offering a weekly close in the sp'2090/80 zone.. with VIX 15s.


sp'60min



VIX'60min


Summary

Little to add.

Certainly, the bear flag does not need to break today... there is no hurry, and these things tend to drag out longer than I usually expect.

What the short term traders should now be asking themselves is.. do I want to hold long across the weekend?

--
meanwhile... its another fine day in the city...

Blue skies for the bears into Sept/Oct
-
2.29pm.. a clear break and confirmation of the bear flag.

Market unravelling with increasing concern of no Greek deal.

A daily close <sp'2100 is now on the menu... and that is a bonus for today.