Friday 18 December 2015

Closing Brief

US equities closed significantly lower, sp -36pts at 2005. The two leaders - Trans/R2K, settled lower by -2.2% and -1.3% respectively. Near term outlook is shaky and borderline, with threat of the 2K threshold breaking. Even a 2-4 week rally of around 4-6% is not going to break new highs.


sp'60min



Summary

*closing hour action: another wave lower, with a new low. Price action sure was twitchy.. but then it was quad-opex.
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I do try to refrain from attempting any wave counts these days, but the price structure since Wed' afternoon does offer a rather clear 5 wave decline.

Considering the underlying MACD (blue bar histogram) cycle... the setup favours the equity bulls next Monday.
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It was great to hear from a fair few of you this week

Have a good weekend everyone
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*the usual bits and pieces across the evening to wrap up day.