sp'60min
Summary
*closing hour action: minor chop... with seemingly no one wanting to buy >2057.
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From this evening's movie...
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| "What am I doing?" Dr Zimsky, 2003 |
One of my favourite scenes in the rather fun disaster movie 'The Core'. I often feel like Dr Zimsky... narrating into the final seconds.. only to realise its all been largely pointless ;)
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.. and another week in the world's most twisted casino comes to a close.
Most notable this week, despite the market cooling from sp'2083 to 2039, the VIX remained broadly subdued, and was unable to break above last week's high - when the sp' floored at 2052.
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Equity bulls just need to be trading above 2080 next Wed' to break declining trend.. and that will open up a push >2111.
Even if bears can push lower to the 2000/1990s next week, that will merely make for an even stronger opportunity for a 5-10 day bounce of 3-4%.
Best guess: renewed downside, but that is going to take some sporadic 'spooky news', as there isn't anything significant scheduled next week.
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notable weakness.. CHK, daily
Yesterday's candle was a classic black-fail, and we have a clear break of rising trend. CHK remains on the disappear list.
Have a good weekend
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**the usual bits and pieces across the evening to wrap up the week...