Monday, 30 November 2015

2pm update - battling to turn positive

With two hours left of the trading month, US equity indexes are battling to close marginally positive. Regardless of the exact close though, the equity bears FAILED to negate the hyper gains of October. The sp'2100s remain due.. with the 2150/70 zone viable as early as the next FOMC of Dec'16th.



Underlying MACD (blue bar histogram) cycle is starting to tick upward, and at the current rate, we'll see a bullish cross at the Tuesday open.

A challenge of the last key cycle high of 2116 looks due later this week. Any action >2120.. and it'll be a straight run to the 2150/70 zone.

Without question... this is no market to be short.

BAC, daily2

Another failure to achieve a monthly close above the key $18 threshold... but Dec' looks probable.. so long as the Fed don't back out on a rate rise!

back at 3pm