Monday, 21 December 2015

2pm update - renewed upside

As expected, US equities have seen another push back upward, as there really isn't much downside pressure.. ahead of the holiday break. The hourly cycle is offering more sustained upside from the Tuesday open, and right now, a Thursday/weekly close in the sp'2050s is just about within range.



At the current rate, the hourly MACD cycle will see a bullish cross early tomorrow, and that should solidify sp'2005 as a double floor.... with broad (if often choppy) upside into early 2016.

Unless some spooky news appears... this market is headed up to make one more attempt to break a new high.

notable strength...

CNX, daily

Much like TCK, and many of the other miners, CNX is seeing a very sig' bounce of 7% in the high $7s, but then, it remains utterly destroyed, having started the year in the $33s. The US Govt's war on coal has unquestionably been a great success.