Tuesday, 7 July 2015

12pm update - viable key cycle floor of 2044

There is increasing probability we have a key cycle floor of sp'2044, with a divergent lower high of VIX 19.20. Despite the ongoing Greek drama, there are a number of indirect signals suggestive that the down wave from sp'2129 is complete.



*I realise some of you might still be rolling their eyes at my 'indirect/proxy signal' of INTC, but it has the cleanest price structure out there.

INTC, weekly

I hold to the original targets... and if correct, it would be suggestive of market upside into August.. regardless of the Greek situation.

*I am strongly considering picking up an INTC long position today...

As for the broader market...  a classic case of an 'overnight futures low' being tested and held in the cash market.

Rest of the day could merely be chop.... should give everyone a chance to re-position.

VIX update from Mr T.

time for lunch

12.36pm... I want INTC in the $29.20s.... by 2pm