3pm update - into the weekend with Yellen

US equities are effectively flat lining around sp'2058/60. Yellen is due to make an appearence at a Fed conf' in San Francisco. There remains threat of a price snap (more inclined to the upside) in the closing hour. Regardless of the exact close though, it has been a week for the bears.. with sig' net weeky declines for all indexes.


sp'15min

sp'weekly

Summary

A tricky close to call, and with the smaller 5/15/60min cycles as they are.. the bias will be to the upside.. even though we're set for sig' net weekly declines.

notable weakness, momo stocks, TSLA -4.1%
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..awaiting to see if the market snaps around 3.45pm.. when the Yellen is due.



3.18pm.. market awaiting Yellen....

Could get a little wild in the closing 15 minutes... probably to the upside.

*according to clown finance TV, there WILL be a press release at 3.45pm.. so there is a MAJOR threat into the close of a 'stupid spike'.

That does NOT negate renewed downside next week though....


3.32pm.. price action remains incredibly tight... the setup favours bulls... not least if short-stop cascade begins....

... get ya popcorn ready!


3.39pm.. Market already starting to break upward.. sp'2062...


3.46pm.. INSANE jump in INTC

Woahhhhhhhhh... what is going on there?
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3.47pm.. Post Yellen press release.. no real spike in the main market.. but overall still inclined to the upside.


3.55pm. INTC in talks to buy Altera corp. 

2pm update - minor churn

US equities have become increasingly subdued, although price action continues to favour the equity bulls into the weekly close. VIX is naturally cooling a little, -1.5% in the mid 15s. Metals and Oil continue to hold the earlier declines.. as the USD itself remains lower by -0.1%


sp'15min

VIX'60min

Summary

Price action is indeed very quiet.. as the weekend looms.

The Yellen is due to make an appearance at 3.45pm... I am not aware if there will be a press release of any prepared remarks.

In any case... rather than watching this tick for tick today.... I'm largely elsewhere.
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Notable weakness, copper miners, FCX/TCK, both lower by around -3%.

1pm update - micro bull flag

US equities are moderately mixed, with the sp' stuck around 2062/58. Renewed upside into the weekend looks very viable... with price structure.. a micro bull flag.. offering 2075... along with VIX 14s. Gold remains a little weak, -$3, whilst Oil is -2.5%.


sp'15min

Summary

Its getting a little tiresome again... as market is in minor chop mode.. but as noted... price structure is slanted in favour of the bulls.

... Yellen is due just before the weekly close... and that might be a valid excuse to settle in the 2070s.
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notable weakness: coal miners, BTU -8.1%.. with a new multi-year low of $5.03.