Tuesday, 10 November 2015

10am update - opening weakness

US equities open a little lower, and look set for a test of the 200dma (sp'2063) today. With the USD +0.4% in the DXY 99.40s, the metals are under pressure, Gold -$4, and that is not helping the related miners, GDX -2.5%.


GLD, daily


*metals/miners... same old problem... holding within a broader down trend.. with the USD being a periodic downward pressure.

Price structure on the smaller hourly equity cycle remains a clear bear flag... a break to the low sp'2060s looks due. A daily close in the 2050s looks possible, but sustained action <2050 looks difficult this week.

notable weakness....

AAPL, daily

I'm not aware of any reason why AAPL is leading the way lower, but cyclically, it has been due to fall anyway.

stay tuned.... or something.