Friday, 30 October 2015

10am update - opening micro chop

US equities open a touch higher, with the sp'500 testing the Thursday high of 2092. The daily MACD cycle is continuing to swing back in favour to the bears. USD is cooling, -0.4% in the DXY 96.80s. Metals are weakening already.. Gold -$3. Oil is back to flat.




*Chicago PMI: 56.2.. a real bullish surprise..  and well above the recessionary 50 threshold.

Clearly, equity bears need to take out yesterday's low of 2082 to offer a provisional indication we have a short term top.

As things are... other than slight natural cyclical bias to the downside.. there is little to expect from today.. other than tedious micro chop.

re: daily MACD (blue bar histogram) cycle. At the current rate, we'll see a bearish cross next Wednesday.

Regardless of the exact close today, the net monthly gains have been extreme... and 'white flag' waving time was arguably a good 100/150pts lower down.

time to shop.. back soon