Wednesday, 26 August 2015

10am update - it remains wild west trading

US equities open significantly higher, with an early high of sp'1914. Equity bulls should be battling for a break above the 3pm candle high... with a daily close in the 1930s. That will not be easy though, as trading conditions remains very unstable... with some traders clearly selling into every up wave.


sp'60min


vix'60min


Summary

So.. another strongly positive open, with VIX -9%.. set to lose the 30s.

I'm guessing we hold the gains... unlike yesterday's closing hour train wreck. VERY long day ahead.
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I've my eyes on AAPL... seeking an exit in the 110/111s.
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Special note..

sp'daily5


Note the MACD (blue bar histogram) cycle.. its levelling out.... with a lot of potencial upside in the days ahead.

However, even if go STRAIGHT UP from here... there will be no bullish cross for at least another 5-7 trading days.
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10.06am.. You can see here why I am seeking AAPL 110/111.


Thats a valid target in the immediate term... would make for a reasonable exit.
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10.21am... sp +22pts @ 1890... already a 24pt downward swing.... washing another tranche of bulls.

Well...its getting messy again....

VIX now only -3% in the 34s.    Remarkable that VIX 30s are now being sustainably held.

Clear resistance.. hourly 10MA @ 1914
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10.32am.. something for the oil bulls.... EIA report... -5.5 million barrels.
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10.35am.. ohh lookie.. here he is...



Dudley... helping kick the market higher with more anti-rate hike chatter.