Monday, 23 November 2015

3pm update - minor retrace

US equities are moderately lower, with a key retrace zone of sp'2080/75. Sustained action <2060 looks extremely unlikely in the near term...and for rest of the year. With the USD +0.2% in the DXY 99.80s, the metals are under pressure, Gold -$9. Oil has lost most of the earlier gains, +0.3%.


USO' daily2


The drama, huh?  A swing from 2095 to the low 2080s.

No doubt some out there are getting overly excited.. but sporadic minor retraces are natural.. and to be expected.

Broadly though... a brief pre-holiday foray into the 2070/60s would do nothing to the broader trend.  A net weekly gain looks probable.

back at the close