Friday, 13 November 2015

10am update - opening weakness

US equity indexes open on the weak side, breaking a new cycle low of sp'2037. Metals are weak, Gold -$3, the $1072 low remains in imminent danger. Oil is sig' lower for a third consecutive day, -1.6% in the $41s.


USO' daily2


*ongoing weakness in commodities is putting some distinct downward pressure on the broader market.

Perhaps somewhat appropriate, a Panda bear opens the market on this Friday 13th...

Bearish open at the NYSE

From a cyclical perspective, the smaller 15/60min cycles are offering choppy weakness across today.

Best guess.. a weekly close in the 2050s.. with further weakness next week.

Other than a few individual stocks - such as BAC, the outlook is still for the market to hold above the sp'2K threshold.

back at 11am