Monday, 29 February 2016

3pm update - a little cooling

US equities have seen a minor wave lower, but it does nothing to change the broader outlook into mid March. It is notable that first support is the hourly lower bollinger, and that is currently at sp'1928.. and rising each hour. There is little reason to expect any sustained price action <1930 in the near term.




Despite cooling from the morning high of sp'1958 to 1940, there is little reason to expect we have a short term top.

Price action remains broadly subdued, and is arguably mere consolidation before another push higher.

*With equities cooling a little, its notable that the precious metals are catching a minor fear bid again, with Gold now +$12, and Silver +1.2%

That is naturally helping the miners, with GDX +3.3%.

3.19pm... Hmm..... marginally interesting.. with sp -13pts @ 1934.    Seems there is some sell side into end month.

Some of the 'smart big money' wants to cash out after what has been a sig' bounce from 1810.

In any case...still seeking renewed upside.

Gold +$14...  making for a powerful net monthly gain.... as the miners have also attained.