1pm update - testing the 200 day MA

US equities continue to claw upward, making the first attempt to re-take the 200dma (sp'2061). Underlying price momentum on the bigger daily/weekly/monthly cycles continues to swing back toward the equity bulls. In no way does the current near term setup favour the bears.


sp'daily5

Summary

At the current rate, the daily MACD (blue bar histogram) will turn positive cycle tomorrow.. or next Monday. In either case.. it bodes for an attempt to break above the FOMC high of sp'2076.

A Mon/Tuesday close in the 2080s will be necessary to have any chance of a year end/Thursday close >2100. Right now, that still looks a little out of range.

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notable strength...

Copper miners... FCX, daily

A very powerful gain of 13% in the $7.30s, but with the stock having started 2015 in the $22s..the stock is still lower by a horrific -67.8%.
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back at 2pm