Friday, 31 July 2015

1pm update - still waiting

US equities are seeing increasingly tight price action around sp'2111. USD has recovered half of the earlier declines, -0.6% in the DXY 96.90s. Metals are holding moderate gains, Gold +$7. Oil remains notably weak, -1.7% in the $47s.




*VIX update from Mr T. posted late.. see previous post.

A somewhat tiresome end to the week... and month.

Equity price structure is a viable bearish wedge on the hourly cycle, but I realise some would argue against that.

Regardless of where we close today... a bullish week, but with a lower high.. and a lower low - at least for all indexes.. except the Transports.

notable weakness: oil/gas drillers, RIG -3.3%, SDRL -4.0%

1.32pm.. Bearish MACD cross on the hourly cycle... imminent.