Monday, 2 May 2016

10am update - opening shaky gains

US equities open moderately higher, but price action is already a little shaky, with indexes vulnerable to turning red. A break below the Friday low of sp'2052 looks a given this week.. which should open up 2040 - with VIX 18s. Metals are starting to cool from initial gains, with the miners now marginally negative.




*a new month... and the monthly index charts are looking rather interesting indeed... but more on that later.

Note the opening black-fail candle for the sp'500.... with VIX reversing back upward.

So... its choppy... with the bigger daily/weekly cycles increasingly leaning weak.

A net daily decline looks viable, but next opp' for sig' downside will be tomorrow.

notable weakness... STX, daily

The horror continues, for what remains a superb tech' hardware manufacturer.