Thursday, 3 March 2016

10am update - opening weakness

US equities open a little lower, but it should be clear to most, the equity bears remain largely powerless. By the close of today, rising support will be at sp'1970, and that should comfortably hold... with the 2K threshold viable tomorrow.




*note the upper bollinger on the daily cycle.. now >2K. The door is wide open for Mr Market to wash out another tranche of short-stops.

Today will likely be even more choppy than yesterday, as the market will want to be in a holding pattern ahead of tomorrow's monthly jobs data.

It seems inevitable that the market wants to see most indexes test their respective 200dmas.

notable weakness.. INFN

Infinera sure is struggling, and eventually looks set for much lower levels into the early summer. Despite the current weakness, there remains threat of $16.50/17.00 zone by mid March. $16s to 8s... would be a rather dynamic move.

stay tuned