Friday, 1 April 2016

12pm update - renewed weakness?

US equity indexes are moderately higher, with the sp +2pts @ 2062. It is notable that the Nasdaq is making a third attempt to clear key resistance at the 4900 threshold. Metals remain broadly weak, Gold -$17, with Silver -3.7%. Oil is still unable to recover, -3.0% in the $37s.

sp'daily5 - A1

sp'monthly3c - A1


*... and those will be your last inverse charts for today... normal service resumes at 1pm

I do think monthly3c is usefully provocative, as even the bull maniacs should question at least a 'natural back test' to around sp'1600 this year.. before renewed upside.

As for ongoing equity price action today, its clearly still messy, and if we don't see renewed weakness into the close, it will make for a disappointing end to the week.

I suppose it could be worse.. we could have gapped straight into the sp'2080s on 'goldilocks jobs data'.. and be pushing toward 2090/2100s.

Here in London city...

Hazy skies...  as summer warmth might be just 3-4 weeks away!

time for lunch