Monday 29 February 2016

11am update - continued chop

US equities remain in minor chop mode, as the equity bears lack any sig' downside power, despite another recessionary (Chicago PMI: 47.6) econ-data point. Metals are holding gains, Gold +$9, with Silver +0.6%. Oil is +0.6% in the 32/33s.


sp'60min


VIX'60min



Summary

Price structure on the hourly equity cycle remains a clear baby bull flag - with a corresponding baby bear flag on the VIX hourly, and I do expect a bullish equity upward break, whether late today or tomorrow.

Broadly... the 2K level looks rather straight forward..and it certainly doesn't have to hit this week.

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Here in London city....

late winter sun

Govt' Subsidised solar roofs

... and with March tomorrow, early summer warmth is maybe just 6-7 weeks away. Thank the gods.
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time to cook