US indexes are on the slide, and it is highly probable that we are seeing a minor C, 3, or whatever you wanna call it, down wave. Downside target remains the sp'1940/35 zone, which seems very viable this afternoon.
sp'60min
Summary
It looked like a bear flag yesterday....
..and with the break lower, it IS indeed a bear flag.
I like being right.... I just hope that train wreck WFM turns around before the July'4 weekend, I'm really somewhat in a real situation with that one. Urghhh
10.35am.. minor chop.
Time wise, I'd have to expect another little wave lower...into the afternoon.
I think its a case of 'lets see where we are at 2.30pm'.
Good morning. Futures are fractionally lower, sp -1pt, we're set to open at 1958. Precious metals are moderately weak, Gold -$6, with Silver -0.5%. There is high potential for a further minor wave lower to the sp'1940/35 zone by late today/early Friday.
sp'60min
Summary
We have the big USA vs Germany game at 12pm EST, and frankly..my attention will be on that today.
Anyway, lets see if the market can break lower this morning, with weakness to the lower 1940s... we're only talking about a fall of 1% or so.
--
Video update from Carboni
--
Good wishes for Thursday trading
-
9.35am.. It is a bear flag... as I was noting yesterday.
In theory.. we should at least hit the low 1940s today...maybe a brief venture to 1935 or so, with VIX 13s
9.38am.. oh great, stockcharts is having 'issues' again.
9.40am.... bear flag is being provisionally confirmed.... looks like we'll see that 1940/35 zone today.
9.43am.. typically... I'll be looking for a floor around 2.30pm or so. VIX about to break into the 12s.
US indexes are due a further minor wave lower, but it will do nothing to dent the multi-week upward trend. The real question is how high might the market be by mid July?
sp'weekly8b
VIX'daily3
Summary
So... some moderate daily gains for all the main indexes, with borderline sig' gains of 0.9% and 0.8% respectively, for the Trans/R2K. VIX looks set to jump again, but only to the 12.75/13.25 zone... 14 on a spike - if sp'1930s.
Broader trend.. and price action remains bullish... for at least another 3-4 weeks.
Closing update from Riley
Looking ahead
There is the usual jobs data, but also pers' income/outlays.
There are two Fed officials talking during the day, Bullard and Lacker, both of whose comments could be used to knock the market lower.
*next sig' QE is not until at least next Tuesday (next QE schedule is due Mon' Jun'30).
-
