The hourly equity MACD cycle is set for a bearish MACD cross before the close of today.. with first support at the 10MA of 2088/87.. with rising trend @ 2085. Price structure remains a baby bull flag though.. and considering the broader trend... the odds favour the bulls into the Friday close.
re: Oil, we have a clear short term floor, but again - as is also the case for the metals, supply remains the underlying issue. Regardless of any near term upside.... energy prices are set to remain subdued into 2016.
Without getting lost in the minor noise within equity land, we do have an interesting setup for the rest of today.
Hourly equity cycles set to turn bearish before the close... but price structure offers yet another bull flag.
Maybe the two will cancel each other out... not least as its opex.. which by definition should be more choppy than normal.
notable weakness, miners, GDX -3.2%.. as Gold -$4 and Silver -0.9%
back at 3pm