Friday, 4 December 2015

10am update - spike floor confirmed

The Thursday 2pm and 3pm hourly candles for the sp'500 were a clear warning to the equity bears, and the market is already pushing for the 2070s. A weekly close in the 2080s is now on the menu. Meanwhile, with OPEC unable to agree on anything, Oil is -2.3%.




I don't highlight 'spiky candles' for no reason.. whether top spikes... or floor spikes.. they are often good warnings of a turn.

So.. we have a key floor of sp'2042.. and at the current rate, the MACD (blue bar histogram) cycle will turn positive in 2-3 hrs. This afternoon.. we could be trading well into the 2080s.

notable weakness...

Oil/gas drillers, RIG -3.5%, SDRL -6.6%, CHK -6.6%

yours.. smashed in oil rigs...  , soaring in X-wings.